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Watling and Hirst Limited, Chartered Certified Accountants and Registered Auditors - Chichester, West Sussex > News > HMRC Inspection of Business Records

HMRC Inspection of Business Records

Posted on Friday, 21 January 2011 09:22AM by
According to the OECD up to 2 million small businesses are losing the Exchequer tax through poor record keeping.Therefore HMRC are currently consulting on an exercise to inspect the records of up to 50,000 businesses annually.

They are looking to implement a programme of Business Record Checks with penalties for significant record keeping failures.

Existing powers mean that fines of up to £3,000 can be imposed, and new rules mean that this will now be charged separately to any penalties in respect of underpaid tax.

If you would like to discuss your accounting records then please contact us for a free initial consultation.


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