HM Revenue & Customs (HMRC) is to expand its Business Records Checks programme, in an effort to close the tax gap and clamp down on inadequate record-keeping.
The checks were piloted earlier this year, focusing on small and medium-sized businesses, and found 44% of firms visited had issues with their record-keeping, with 12% having 'seriously inadequate' records. The programme is now being extended to areas across the UK, while the number of full-time staff employed on it will rise from 30 to 120. Although HMRC will only levy a record-keeping penalty in the most extreme cases of poor record-keeping, in the long term it intends to issue penalties of up to £3,000 for serious inadequacies in record-keeping. Richard Summersgill, director of ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes