record keeping

HMRC Extends Crackdown on Poor Record-keepers

Small bsuinesses should check their books are in order — that’s the warning from HM Revenue & Customs (HMRC) after it announced it is extending the crackdown on poor record-keeping nationwide. HMRC’s Business Record Checks programme was piloted in eight cities across the UK earlier this year — from which the tax body has discovered that 44 per cent of businesses had issues with their records and 12 per cent had seriously inadequate ones. An additional 12,000 business record checks are now due to be carried out before the end of the year, before the programme is rolled out nationwide in 2012. Small businesses not keeping tax records up to date risk paying a penalty of up to £3,000. “Good record-keeping helps businesses pay the right amount of tax at t... »

HMRC Record-keeping Guides Help Firms Organise Tax Paperwork

Small businesses can access free online information to help them improve their tax records, ahead of HM Revenue & Customs’ (HMRC) crackdown on business books later this year. HMRC has launched four new products to help the self-employed and small businesses keep better records: a factsheet on how to keep records a guide to keeping records for tax returns, including common problems and examples for different types of business a guide to setting up a basic record-keeping system, with examples of spreadsheets an interactive checklist that tells businesses how well they are keeping records and how to improve them. HMRC business customer unit acting director, Brian Redford, said that setting up a good system of record-keeping is time well spent for small firms. “Get a proper system in place... »