Records checks to start again
HMRC has relaunched its Business Records Checks (BRC) initiative and will be turning its attention on Torbay owner/managed businesses around February/March.
According to Dave Williams, a partner at Francis Clark Chartered Accountants, which has an office in Torquay, BRC was originally introduced last year to identify businesses that might be keeping inadequate records and, therefore, could be underpaying their tax obligations.
Dave Williams said: "The original pilot scheme was withdrawn amidst complaints that HMRC was using these checks as a pretext to investigate a company's tax affairs and that penalties of up to £3,000 were disproportionate.
"The new scheme is designed to have a 'softer' approach with an emphasis on 'support and education'.
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Dave added: "All businesses should keep thorough records in all circumstances and could face financial penalties if they don't. If a business is contacted by HMRC to undergo a BRC they should contact their professional adviser immediately."