HMRC Business records checks scheme expanded

HMRC have extended their controversial programme of checking the business records of small and medium-sized enterprises (SMEs).

Initially, HMRC will levy a penalty only in the most extreme cases of poor record-keeping. The department intend to issue penalties of up to £3,000 for serious inadequacies in the longer-term.

Up to 12,000 checks will be completed by the end of the current financial year; 20,000 are provisionally planned for 2012/13.

Please do not hesitate to contact our Business Services Department if you have any concerns about this HMRC initiative or require a comprehensive review of your business records.

For further information/advice on this topic please visit http://www.wardwilliams.co.uk/