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Business records checks are proving valuable to the taxman
KEY POINTS
- HMRC’s business records checks process had a troubled beginning but the department says the emphasis is on education.
- Most businesses are confident that their recordkeeping is adequate and few would turn to HMRC for support.
- More information about the BRC process at the initial contact would reduce the number of visits to businesses.
- Earlier intervention from HMRC and more digital communication might be useful ways of offering help on recordkeeping.
Business records checks for small and medium-sized enterprises (SMEs) have had a troubled history and considering they were first mooted only at the end of 2010 that is quite an achievement. HMRC subsequently carried out two pilots of business records checks (BRCs) neither of which was well received.
The first was in April 2011. Advisers and the professional bodies...
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