With HMRC having announced the intention to carry out Business Record Checks in 2011, are your business records in order?
In December 2010 HMRC declared their intention to carry out significant Business Record Checks in the second half of 2011. If your business is selected, HMRC staff will visit your premises and ask for access to all your business records. If they feel that you failed to keep adequate records, penalties may be charged. In addition, it may give rise to additional inspections and/or investigations for example VAT or PAYE checks.
In general, all business related records should be kept for six years; this includes all bank statements, invoices, receipts etc. If you need additional information regarding this please contact us.