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23rd September 2011
It will focus on the adequacy of small and medium-size businesses' records, as figures show that 44 per cent have issues with their record keeping.
Furthermore, 12 per cent had seriously inadequate records, which may encourage contractors to enlist the help of umbrella company services.
HMRC's director of local compliance Richard Summersgill said: "Good record-keeping helps businesses pay the right amount of tax at the right time, thereby potentially avoiding interest and penalties."
He highlighted that this gives firms a clear indication of their trading position and profitability, which allows them to make decisions to improve their chances of survival and success.
The ultimate aim of the Business Records programme is to support businesses while also reducing the tax gap, Mr Summersgill added.
HMRC to extend Business Records Checks
The Business Records Checks programme is to be extended over the remainder of the financial year.
It will focus on the adequacy of small and medium-size businesses' records, as figures show that 44 per cent have issues with their record keeping.
Furthermore, 12 per cent had seriously inadequate records, which may encourage contractors to enlist the help of umbrella company services.
HMRC's director of local compliance Richard Summersgill said: "Good record-keeping helps businesses pay the right amount of tax at the right time, thereby potentially avoiding interest and penalties."
He highlighted that this gives firms a clear indication of their trading position and profitability, which allows them to make decisions to improve their chances of survival and success.
The ultimate aim of the Business Records programme is to support businesses while also reducing the tax gap, Mr Summersgill added.
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