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 firstname.lastname@example.org more information.