Big firms face account probe
ACCOUNTING standards are under increased scrutiny from HM Revenue and Customs (HMRC), which suspects poor financial practice means too little tax is being paid by big firms, according to lawyers Pinsent Masons.
The law firm said HMRC believes as much as £442m is underpaid, up 57 per cent on the £282m it was looking into last year.
HMRC is thought to be looking out for firms booking losses wrongly, in a bid to reduce their tax bill.