HMRC spot checks

HMRC Spot Checks: Are You Ready?

Diana Flier, compliance expert, Intuit UK What are HMRC spot checks? HM Revenue & Customs has hit the headlines in recent weeks following its plans to press ahead with unannounced compliance spot checks on small businesses in the UK. The initiative is expected to see some 50,000 small businesses visited and face the threat of fines of up to £3,000 on those whose records do not meet minimum standards. This is by no means a new issue, HMRC has made it very clear over the last couple of years of their intention to make compliance visits and how far back the organisation can go when calculating taxes owed from previous years. Following several consultations the new rules arguably go a long way towards making it easier to understand the various requirements and penalties for inaccurat... »