HMRC extends Business Records Checks programme

Date: 22nd September 2011

Small UK businesses seeking advice on their bookkeeping practices could be among those encouraged by a recent government announcement.

HM Revenue & Customs (HMRC) has revealed that is has extended its Business Records Checks project, which offers support to smaller organisations with their financial affairs.

A pilot of the scheme earlier this year revealed that 44 per cent of businesses had issues with their record-keeping, while 12 per cent of those had "seriously inadequate" records.

As such, the scheme has been extended so that HMRC will complete up to 12,000 Business Records Checks by the end of the current financial year.

Richard Summersgill, HMRC's director of local compliance, said: "Good record-keeping helps businesses pay the right amount of tax at the right time, thereby potentially avoiding interest and penalties.

"Adequate records give businesses a clear idea of their trading position and profitability, allowing them to make business decisions and adjustments to ensure survival and success."

Posted by Thomas Fletcher