SMEs: Check Records Ahead of HMRC Crackdown

15th January 2011 Small firms should check that their books are in order ahead of a crackdown on those keeping bad tax records, the Association of Chartered Certified Accountants (ACCA) has warned. HMRC announced the crackdown in a December consultation document, Business Records Checks, which included plans to investigate the records of 50,000 small businesses every year. Firms not keeping tax records up to date risk paying a penalty of up to £3,000. “HMRC are concerned that record keeping by small businesses has been shoddy, and believe that this will make them keep their records up–to–date all the time,” said ACCA’s head of taxation, Chas Roy–Chowdhury. “There’s a lack of understanding at HMRC of how small businesses operate — books and records are often updated ... »

Minimum Wage Crackdown on Rogue Businesses

Small Business News – 6th December 2007 "Rogue" businesses that refuse to pay their staff the National Minimum Wage are to face stiffer penalties. The government is to introduce almost unlimited penalties for the worst offenders and will be strengthening the powers of inspectors. The announcement comes as the Department for Business, Enterprise and Regulatory Reforms (BERR) publishes the results of a consultation into strengthening enforcement of the National Minimum Wage and Employment Agency Standards. The results of the response to the consultation will form part of the Government’s Employment Bill, to be published tomorrow. Businesses and unions are said to be supportive of the proposed crackdown which is designed to bring greater fairness to both business and wor... »