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Friday, 09 August 2013 21:04

HMRC and the Business Records Check

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Did you know that all businesses are required by HMRC to keep adequate business records?! This is to ensure that the completion of tax returns is done correctly.

 

Under the HMRC ‘Business records check’ HMRC will look at your current business records to ensure they contain the correct information ready for the preparation of such tax returns.

 

Businesses who HMRC feel are at risk of keeping inadequate business records will be contacted via a letter to arrange a call from an HMRC officer to discuss their records by way of a short questionnaire. Upon this initial consultation if your records are given the OK and are adequate enough for HMRC then you will be informed of this and it will be the end of your business record check.

 

However, if they are inadequate HMRC will give you an opportunity offering you help and support to bring them to the required standard specifying necessary areas of improvement.

 

After a 3 month period, you will receive a follow up visit where penalties of up to £500 may be applied if you still have not improved such records. In any case where business records are deemed as inadequate, HMRC will refer you for another Business Records Check in two years’ time.

 

For more information please follow the link direct to the HMRC website: http://www.hmrc.gov.uk/dealingwith/bus-record-checks.htm

 

Remember here at Ivy Wood Bookkeeping we specialise in keeping your accounts well organised, balanced and up to date. We can help you ensure your business records are in line with HMRC standards.

Read 1246 times Last modified on Wednesday, 31 August 2016 21:04

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