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Business record checks

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Thursday February 10, 2011 at 10:00am
HMRC have just announced a consultation on their planned programme of checks of business records within the small and medium enterprise (SME) sector.

They attempt to justify the introduction of this programme by claiming that research by the OECD suggests (to HMRC that is) that poor business record keeping is responsible for a loss of tax in up to 2 million SME cases annually.

The consultation exercise is limited to consideration of the best way to implement the programme – not whether it is a good idea in the first place.

This must mean that now is an ideal time for your financial record keeping to be reviewed to ensure that it will withstand any new attack from HMRC under this programme. That means looking at your general book-keeping records as well as things like your VAT records. As with anything connected to HMRC it’s best to be prepared.

Andy Parker
Chartered Accountant Birmingham


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