HMRC has initiated structured risk reviews (SRRs) in the charity and not-for-profit sectors, focusing on payrolls, tax returns, VAT returns, and Gift Aid claims to identify potential tax underpayments. Siobhan Holmes of Azets predicts that advanced analytics will uncover minor discrepancies, prompting detailed reviews. This effort is part of HMRC’s broader strategy to recover lost taxes and gain insights into sector operations. Holmes advises organizations to seek professional help if subjected to an SRR or if they suspect their practices may not withstand scrutiny. Azets has over 25 years of experience in compliance and advisory services for charities and non-profits.
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