HMRC Business Records Checks programme to be reviewed

► 2012
- ► January
► 2011

HMRC Business Records Checks programme to be reviewed

Date:

6 January 2012

Summary:

HM Revenue & Customs (HMRC) has announced that it will review its Business Records Checks programme following pressure from the tax profession and small business groups. HMRC acknowledges that more detailed consultation with professional bodies at an earlier stage would have benefitted the programme and it now intends to do so as part of a strategic review of the programme.

The Business Records Checks programme – which aims to check the adequacy of the records of small businesses (and which could mean penalties of up to £3,000 for those with seriously inadequate records) – was piloted between April and July 2011. After analysing the initial results, HMRC announced that the programme was to be expanded, with up to 12,000 Business Records Checks to be completed by the end of 2011/12 and a provisional target of 20,000 for 2012/13.

Despite the review, HMRC is not postponing the current Business Records Checks programme.

How can OneE TDI help?

Businesses need to ensure they are keeping full, accurate and up to date records of all sales, expenses etc. Not only will this avoid the record-keeping penalties mentioned above, but it may also help to avoid issues which could lead to future Penalties for Errors in tax returns. Please contact us for further advice.

At the core of OneE TDI is a highly experienced team specialising in all areas of tax disputes and investigations. We offer confidential, non-judgemental and invaluable advice to best defend our clients. We have a proven track record in managing all contentious tax matters and provide an outstanding, cost-effective service which results in tangible benefits and savings for our clients. We have up-to-date knowledge of all HMRC Campaigns and disclosure facilities and are able to secure the best available terms for our clients.

If you would like a free, confidential, no obligation discussion with us about any of the issues discussed above, please contact either Gary Rowson or Mark Taylor on 0800 652 6156.

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Tax Disputes & Investigations

HMRC Business Records Checks programme to be reviewed