Accountants should examine any online activity that could draw the attention of HM Revenue and Customs (HMRC), an expert has warned.
According to Mark Lee, chairman of the Tax Advice Network, clients may be incriminating themselves by using social media websites such as Facebook, Twitter and BT Tradespace to promote their businesses.
He added that personal websites and blogs may appear to be promoting trading activity through affiliate sales such as Amazon or Google adsense programmes.
Mr Lee warned such activity may allow clients to unintentionally incriminate themselves or provide evidence of misleading HMRC as to the start date of a trade.
He commented: "Maybe it's time to review the questions you will ask your clients about their trading activities when you start the process of collating information for next year's tax returns ?"
Accountants Advised To Scrutinise Clients Online Activity
Thu, 05 Feb 2009
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