Business Records Check program suspended
HMRC has announced that its business records check (BRC) program is to be suspended until the new tax year, when they will implement a new approach.
Over 2,000 business records checks have taken place so far as part of the pilot program, with results up to 4 January 2012 showing that 28% of businesses had some issue with their record keeping and an additional 11%, having issues serious enough to warrant a follow-up visit.
Any new appointments will be postponed until the revamped approach is launched early in the 2012/13 financial year. However, HMRC will continue to undertake visits already booked (including follow up visits) to those already identified as having seriously inadequate statutory records.
HMRC will confirm the new start date of the program in due course. However, when the program does restart, HMRC will initially contact those businesses it considers to be at a higher risk of keeping inadequate records by phone or letter to ask about their record keeping. This information will then be used to determine whether a full business record check is required.
If you have concerns over the quality of your business records then please do contact us today.