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Thread: HRMC Business Records Checks

  1. #1
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    HRMC Business Records Checks

    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.
    Last edited by lou; 02-02-2011 at 23:27.

  2. #2
    If this worries anyone here I would suggest you consider joining the Federation of Small Business (FSB).

    I joined initially, for the discounted rates on credit card terminal and payment processing but feel reassured by the support they can offer in the event of a HMRC audit.

    It's a bit like fitting a burglar alarm, you know it won't stop them getting in if they want to. But you hope it'll make them move on to someone else.

  3. #3
    Thanks for the heads up.

    I am in a small partnership with two others, and although we have five employees on PAYE, we qualify for individual self-assessment status and run our own accounts and returns. We've had periodic VAT inspections, which are part and parcel of being registered, but were subjected to the full HMRC, (or Inland Revenue as was), shakedown in 2004.

    I can't say it was a pleasant experience, although the end result was a paltry hit for 150 each for a three year period due to unallowable expenses. One perceived advantage was that I run the accounts package on an ancient Apple Mac kept solely for that purpose. They were therefore unable to make any sense of the disk they requested and had to bring their 'computer expert' into our premises and sit around twiddling their thumbs while it slowly wheezed and coughed up the information they wanted. I think they gave up in the end when they realised we didn't have any serious offshore bank accounts to syphon funds into!

  4. #4
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    Orion

    My pleasure.

    This is no ideal exercise on their part. the government want their pound of flesh from everybody and they plan on getting it and HMRC have been tasked with collecting it.

    Unfortunately as a partnership you're all responsible for one another, and the HRMC and VAT inspectors make no distinctions.

    Fore warned is fore armed as they say.

  5. #5
    cheers for the heads up

  6. #6
    Thanks for that Lou, I run a limited company with 1 employee on PAYE (me) & am VAT registered & pay corporation tax but I am a member of the FSB so hopefully if they do target my company I can count on them for support although my accountants a really top bloke & at my last VAT audit my record keeping is I've been told exemplary!

    Cheers

    Chris
    Life should be a journey to the grave with the intention of arriving skidding in sideways, Merlot in one hand, Cigar in the other, body thoroughly used up, totally worn out and screaming WOO HOO what a ride!

  7. #7
    I have already had the pleasure of my presence being requested by these people, you should not be afraid of them, they are just doing their job,(to the best of their abilities)............... A local saying comes to mind,............ expect little,& you will not be dissapointed.
    (The Unspeakable In Pursuit Of The Uneatable.) " If I can help, I will help!." Former S.A.C.S. member!

  8. #8
    Quote Originally Posted by finnbear270 View Post
    I have already had the pleasure of my presence being requested by these people, you should not be afraid of them, they are just doing their job,(to the best of their abilities)............... A local saying comes to mind,............ expect little,& you will not be dissapointed.
    Sounds as if they could be redeployed as FEOs without too much problem then?

  9. #9
    Quote Originally Posted by jonc30 View Post
    If this worries anyone here I would suggest you consider joining the Federation of Small Business (FSB).

    I joined initially, for the discounted rates on credit card terminal and payment processing but feel reassured by the support they can offer in the event of a HMRC audit.

    It's a bit like fitting a burglar alarm, you know it won't stop them getting in if they want to. But you hope it'll make them move on to someone else.
    As the FSB's Regional Councillor in the North East I can applaud that comment. The strength and support offerred by the FSB is second to none and cheap as chips.

  10. #10
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    Another good business organisation to consider joining is the Chamber of Commerce.

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