New tax threat

0
Have your say

Sheffield is being targeted by Revenue and Customs as part of a new scheme to check records being kept by companies.

The city is one of eight places chosen for a trial of the Business Records Check programme that will involve Revenue officers visiting 1,200 companies.

Andy Maxfield, senior manager in Grant Thornton’s Yorkshire-based Tax Investigations team, said: “There is no specific format set by HMRC for business records; however the BRC aims for records to be appropriate for the size and nature of the trade.

“In the current climate many small and medium sized businesses are concentrating purely on their core business, meaning record-keeping may not be a priority. However in order to keep out of trouble with HMRC it needs to become one.”

The campaign is part of a wider HMRC project looking at SME’s and includes the recent announcement about the new Single Compliance Process.

Andy Maxfield added: “Despite HMRC saying no penalties will be issued during the pilot phrase, it’s a warning to all businesses that their records need to be up to date and suitable.”

n The Government wants to slash red tape to aid business, but which regulations should be first for the chop? Read the views of a top Sheffield adviser in Business Monthly in The Star on Wednesday.