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News - 10 August 2014

HMRC business record checks up 60%.
According to new figures released, HM Revenue and Customs (HMRC) carried out 5,515 Business Records Checks (BRCs) in the 2013/14 tax year, compared to 3,431 in 2011/12. 
 
This is the highest level of activity since its introduction in 2011.
 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“HMRC started the programme to identify businesses with poorly-kept records, which might be an indicator for an underpayment of tax. For businesses with inaccurate records there is a potential £3,000 fine on top of any unpaid tax, interest and penalties. The yield for the year 2013/14 is expected to be around £49 million, up from the £13 million the year before.”
 
After criticism from accountancy firms and business groups, the record checking programme was put on hold and sent for review, but after a seven-month break the checks began again in November 2012.
 
TK continues:
“The outcome of the review was to attempt a more targeted approach for the checks because it showed that most businesses in fact kept appropriate records. However, the proportion of checks that found nothing significantly wrong with businesses' records has actually increased compared to before the review, from 64% to 73%.”
 
An HMRC spokesman said: "Business records checks (BRC) are designed  to help our small and medium sized business customers to keep better records, leading to more accurate tax returns.”
 
If you need any help and advice with your Tax compliance and planning, or you wish to know more about the ABDS tax Investigation Service, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help in all your financial planning and business advice.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
Brilliant with numbers  
Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 

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