Business Record checks by HMRC

HMRC’s decision to commence business record checks has not been greeted with complete enthusiasm. According to the Chartered Institute of Taxation, there will be many problems of interpretation. It also makes the serious point that HMRC still intend to charge penalties in year, where their power to do this is at least doubtful.

HMRC did at least pause and review the programme and published its findings in February. The review concludes that there is clear evidence that the BRC programme has been effective in improving record keeping practices in smaller businesses. However, it goes on to say that this cannot be fully evaluated until the businesses that have been visited are producing returns, and that means looking at their 2013 tax returns.

Read more on the story

http://www.accountingweb.co.uk/article/business-record-checks-hmrc-review/533487

If your business has been visited by HMRC, and need help in the case of a tax investigation or any other tax matter, contact KVS Accountants on 020 7731 6131. We act as tax advisors and accountants in London, Fulham, Richmond, Chiswick, Kensington, Knightsbridge, Clapham and Clapham Common

 

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