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Tax Tip

HMRC suspend Business Records Check 03/02/12

Earlier today, HMRC has announced a suspension of the Business Records Check (BRC) program until the new tax year, when they will implement a new approach.

The pilot programme conducted 2,437 Business Records Checks up to 4th January 2012 and found that 28% of businesses had some issue with their record keeping and that an additional 11% had issues serious enough to warrant a follow-up visit.

Any new BRC 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.

As always, we at ABDS will keep you informed as the situation develops, but if you have any business related questions, please do not hesitate to contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help in all your financial planning and business advice.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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