More HMRC visits planned by HMRC to improve SME Record Keeping

Following the implementation of HMRC’s Pilot Scheme announced in April to improve SME record keeping, HMRC are now telling the businesses that have been selected for the scheme that they may receive another visit from the inspector if their record keeping does not improve.

 Letters have already been sent out from the Tax Office to local businesses that do not have adequate records. These businesses were told that inspectors “may visit you again in the next three months to check whether you have made improvements in areas mentioned”.

These letters outlined recommendations on better record keeping including keeping mileage logs, drawings records, tracking sales invoices and maintaining cashbooks.

However these recommendations have been criticised as being too generic and not bespoke to the businesses affected.

What should I do if I receive a notice?

If you receive a notice then failure to comply could incur a possible penalty of a maximum of £3000. You need to make sure that all Business record checks are up to scratch. We have already blogged with our tips on keeping records which you can find here.

How can HSJ help?

We have a team of experts which are able to offer you bespoke advice for you and your business. If you would like to ensure that your records are satisfactory then please call us now for a free initial consultation on 0845 365 1000, or email Mike Scott at mike.scott@hsj.uk.com

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