Filed under: small business record checks
Whatever your circumstances it’s imperative to know what you should do if you have a tax shortfall to declare. The good news is that HMRC has several initiatives up and running aimed at helping you out; the bad news is that it is more determined than ever to crack down not just on tax evasion but on poor record keeping as well. (more…)
November 18, 2011
HMRC recently announced that since their pilot exercise was so successful they are going to extend their Business Records Checks programme. It was inevitable it would be deemed successful, ‘Record checks’ are effectively a euphemism for ‘getting fast access to accounts to check for tax shortfalls’.
The pilot programme involved visits to SMEs to ensure that their business records were adequate. Around 44 per cent of businesses visited had ‘issues’ with record-keeping, while around 12 per cent of those visited had seriously inadequate records. (more…)
October 14, 2011
In the past few weeks HMRC has launched yet further initiatives designed to identify businesses with tax shortfalls and this time, it’s restaurant owners and VAT dodgers who are in the spotlight. These campaigns are big business for HMRC; over the course of their previous campaigns, £500m has been recouped, with an extra £100m due from taxpayers who did not take advantage of previous disclosure opportunities.
Yields of this magnitude are undoubtedly very pleasing for the Government, who has set aside £900m for its efforts to tackle tax evasion. A return on investment of this level demonstrates an excellent result and shows tax payers are keen to take advantage of the chance to ‘come clean’ with minimal penalties payable.
July 18, 2011
It’s now full steam ahead with this initiative to improve record keeping and HMRC have just issued the first batch of letters to 1,000 businesses advising that they want to carry out an inspection visit. Their intention is to visit 50,000 small businesses each year for the next 4 years. What can you do to make sure you’re not one of them…..ask Anne Eager!
Continue May 16, 2011