The HMRC business records checks were introduced to identify businesses with poorly kept records. These checks have increased by 60% its highest level since 2011. According to a Spokesman for HM Revenue and customs they were “designed to help our small and medium sized business customers to keep better records leading to more accurate tax returns.”
Businesses with poorly kept records can face up to £3000 fines in advance of any unpaid tax or interest penalties. After the investigations, 73% of the companies reviewed were found to have no significant errors. This is a 15% increase on the previous tax year which highlights the success of the improvements after the scheme was reviewed in 2012.
At Business Works UK we support our clients through all kinds of HMRC activity including record checks as we understand that this can be a stressful exercise for a small business. Why not book for a free 1 hour consultation to find out more?
Let us take the hassle out of your tax and accounts, so you can spend more time doing the things you enjoy.
Our Services
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Tax Protection
With HMRC becoming more spontaneous with tax investigations we strongly suggest that every business is insured against the cost of investigation. So strongly in fact, that we automatically build it in to our fixed fee agreements. Many of our clients have been very grateful for this insurance when HMRC have come knocking.
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Company Year End
The legal and compliance burden put on businesses through the need to submit tax returns and other such documents to strict deadlines is often one of the most stressful elements of running a business.
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When it comes to supporting small enterprises, helping them grow whilst avoiding regulatory and commercial pitfalls, we have a weath of experience, expertise and a kettle - a very good kettle. If you think we could be a good fit, get in touch to see how we can add value to your business.
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