HMRC new approach to business records checks
HMRC have announced that they are changing their Business Record Check (BRC) activity to ensure ‘it better targets help to those who are likely to have inadequate records’.
According to the HMRC press release:
‘Customers whose records were not adequate on first inspection, and who received follow up visits, all improved their record-keeping standard. HMRC have not had to charge any penalties.’
‘In the latest phase of BRC, many of the customers contacted by HMRC have been keeping records correctly. So HMRC wants to explore how to better target this activity.’
‘From 4 November 2013, HMRC's BRC activity in the Edinburgh, Glasgow, Leeds, Bradford and Stockport areas will explore new ways of using the checks. As part of this, HMRC will evaluate new risk processes and ensure new approaches are cost effective and fit with its wider compliance activity.
HMRC will also work with tax agents’ representatives to review the benchmarks of what good record-keeping should be. Many tax agents already do much to improve their clients’ record-keeping and HMRC wants to work with them to improve standards.’
‘For customers outside the development areas HMRC will continue with existing BRCs until they are completed.’
If you are contacted by HMRC regarding your records please do get in touch on 02476 518 555 or 0121 711 2468.