Business records checks to look at your tax records now a thing of the past…
Author: Russell SmithNovember 23, 2015
In 2011 HMRC brought out the business records checks which meant that HMRC could look into bookkeeping records to see if any mistakes had been made.
It wasn’t popular because it appeared to be a way for HMRC to formally starting tax investigations.
HMRC have now announced that it will be scrapping the business records checks but a fine of £3,000 is still available to HMRC if deems that tax records aren’t complete. Although in practice this fine is quite rare.
HMRC still has the right to visit your business and look at your VAT and PAYE/NI records. It must give adequate notice if it intends to do this.