More businesses to be visited by HMRC

The pilot scheme launched by HMRC to check the records of small and medium sized enterprises identified that nearly half of the businesses visited had problems. 

HMRC estimates that approximately 2 million businesses understate their tax position each year and to change the behaviour of small and medium business enterprises HMRC has announced:

  • a fourfold increase in the number of staff focusing on business checks;
  • 12,000 businesses are to be visited by the end of March 2012; and
  • 20,000 visits are planned for the year to March 2013.

Businesses are also warned that in the most extreme cases HMRC will penalise poor record-keeping with fines of up to £3,000.

How can Gabelle help?

Gabelle can advise you and your clients how to limit the damage of a business records check with practical, straightforward advice.

Please contact John Hood on 020 7182 4747 or via email on john.hood@gabelletax.comfor more information.