Checks On Business Records Coming Soon

Checks On Business Records Coming Soon

November 1st 2012 2:47 pm

general

HMRC are to relaunch the Business Records Check programme, starting today. The programme began as a pilot scheme last Apri ...

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HMRC are to relaunch the Business Records Check programme, starting today. The programme began as a pilot scheme last April (2011) and by February of this year nearly 3,500 business records checks were made on small businesses. The results of the programme showed:
  • 36 per cent had some problems with the manner of record keeping, 10 per cent of which has problems serious enough for HMRC to issue procedures and schedule follow up checks.
  • Follow up checks revealed improvements in record keeping amongst flagged businesses.
The newly relaunched programme will focus on educating small businesses to make sure that:
  1. The correct tax is paid in good time.
  2. Reduction in the amount of interest charges and penalties due to errors and late payments.
  3. Providing HMRC with more confidence in the accuracy of figures provided by small businesses in the future.

What happens in a Business Records Check visit?

Letters are going out from today to the businesses HMRC believe may have inadequate record keeping  procedures. The letter will detail the following:
  • HMRC will be phoning businesses to discuss the records they hold.
  • They will go through a set of questions designed to assess record keeping procedures.
  • The result of these questions determines whether a follow up visit will take place or not.
  • The follow up visit entails checks to determine records are being kept and are adequate.
  • Guidance is provided to help the business improve record keeping.
  • A further follow up visit is arranged to check that guidance provided has been actioned.

Is there anything to watch out for?

If after a follow up visit, HMRC are not satisfied of proper record keeping procedures being undertaken, a penalty may be charged. You can find more information about the scheme at the following link here.

When are the visits taking place?

  • London & Anglia – 26 November 2012
  • South East England – 14 January 2013
  • Scotland – 14 January 2013
  • Northern Ireland – 14 January 2013
  • Central England – 21 January 2013
  • East of England – 28 January 2013
  • North Wales & the North West of England – 28 January 2013
  • South Wales & the South West of England – 4 February 2013

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