Business Records Checks

HMRC is planning a programme of Business Records Checks that will review both the adequacy and accuracy of business records within the ‘small and medium enterprise’ (SME) sector.  No new legislation is proposed in this regard; the programme will use existing law regarding both record keeping requirements and penalties for failure to comply with those requirements, with penalties being imposed for significant record keeping failures.

You can read the full text of the Consultation Document here

The document applies to anyone involved in running a small or medium business; that is, businesses with a turnover of less than €50m and less than 250 employees.  Accountants and others providing services of accountancy, book-keeping or tax advice to such businesses will have a particular interest.

If you have any concerns about the proposals or want to ensure your business records are adequate, then please contact us on 07596 117002