HMRC launches new business tool

Date: 22nd February 2011

Small businesses operating in the UK could be among those encouraged by a recent announcement by HM Revenue & Customs (HMRC).

The department has launched a set of free support tools aimed at smaller enterprises, self-employed workers and sole traders.

HMRC said the tools have been created to help businesses get their affairs in order ahead of the launch of its new Business Records Checks programme.

The programme will see businesses fined if they are seen to display poor record-keeping practices.

Brian Redford, acting director of HMRC's, business customer unit, explained: "In these tough times, keeping good records makes sound business sense.

"It may seem like a challenge, particularly when you're starting out, but keeping good records will bring real advantages to your business. Get a proper system in place and you'll not only be confident that you are paying the right tax, but you'll keep up-to-date with how much you owe suppliers and how much you are owed."

Posted by Jacob Williams