In the UK, HMRC is assisting business owners in ensuring their records are sufficient:
Transcription of Video – Click “Read More”
Hello, I’m James McBrearty and I’d like to talk to you about HMRC’s Business Records Checks.
Now this is a new scheme that has been introduced. What happens is HMRC writes to a taxpayer and then a week later they follow it up with a phone call. Based on their replies to their questions on the telephone call, they then decide if a visit’s necessary or if there is any additional assistance people can actually get with business records.
And if you receive one of these records, a copy hasn’t gone to your accountant. You just need to make them aware so they can actually assist you with this process, In a lot of cases it is very straightforward and HMRC is looking to be helpful with people and actually assist them if they have any queries.
With business records it’s very easy to keep them now and I did a recent video actually talking about the opportunities to use (inaudible) phone to take pictures of receipts and actually store those electronically. So there are a lot of opportunities to keep your business records easily and then with processing modes HMRC accepts electronic copies as long as they are complete copies.
So if you do receive a business records check letter, please do get in touch with your adviser. If you’ve got any queries or you don’t have any adviser, please do contact me for a no charge initial meeting.