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News - 20 June 2013

Business Records Check – first results are in

The first results of the 'Test and Learn' phase of the Business Records Check (BRC) that HMRC recently commenced have started to come through.

The BRC is intended to improve general record keeping by businesses in an attempt to reduce errors in tax returns.

From the post review letters that have been issued so far, HMRC have made some common suggestions across the board.

For example, all letters seen so far recommend that sales invoices are issued with consecutive number and that a cash book is maintained. Other recommendations include maintaining of business mileage logs and writing up business records at least weekly.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Whilst the underlying aim of HMRC is to reduce the tax losses that results from poor record keeping, the maintenance of appropriate and accurate accounting records is fundamental to every successful business. The nature and complexity of the records will vary but the reasons for keeping them are common: am I making a profit; who owes me money; who do I owe money to; will I have enough cash to pay the people I owe; what do I have in stock etc.”

A well planned accounting system can make your life much easier and save significant amounts of time by capturing the data in the right format first time, whether it is tracking debtors, creditors, and VAT, or as is a monthly profit and loss and balance sheet, or keeping track of stock, all are improved by a good system.

If you need any help and advice for your business on financing, cash-flow, management accounts and keeping records, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail:

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