I have been to a business networking meeting this evening and one of the guest speakers was one of our regional HRMC customer managers. They are actually very nice people.
So here's the good news..................
At the government insistence. HMRC are planning a programme of Business Records Checks that will review both the adequacy and accuracy of business records within the small and medium business sectors. This will include sole traders and partnerships paying tax via self assessment, as well as limited company's paying corporation tax. It will be looking at both VAT register businesses and non VAT registered businesses. This will all be implemented later in the year with fines up to £3,000 for significant record keeping failures which are likely to indicate unpaid tax is due.
Remember you read it first on here.