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Business Record Checks….Update

February 23, 2012 by Lyn Lulham

HMRC have now announced that business record checks are to be suspended until the new tax year 2012/13. From this point forward they will be implementing a new approach to the checks.

This comes after the pilot program of some 2,437 visits up to 4th January 2012 found inadequacies in around 28% of business checks. Additionally a further 11% had issues serious enough for a follow-up visit.

HMRC will continue to visit businesses already booked and also any follow-up visits. New business record checks however, will be undertaken in the new financial year.

Further information will be reported once HMRC confirm the start date of the newly revised business record checks. HMRC have announced that when the program re-launches it will initially be looking at businesses that are considered to be of higher risk of keeping inadequate records.

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