Try not to panic at this stage. HM Revenue & Customs (HMRC) will be calling to ask you a few simple questions about your records. They estimate these calls will only last about 10 to 15 minutes.
There are three possible outcomes from the call:
- They might be satisfied that you are operating your records effectively and that’s the end of it;
- They might think you need some additional support so they may refer you to their appropriate department for record keeping training and education; or
- Worst case scenario, they think your records sound inadequate and they will arrange to come and visit you.
But even in the event they come and visit you and aren’t happy with your bookkeeping management, they cannot fine you instantly under this programme. You should be offered time and support to improve your systems. The Business Records Checks are designed to be educational rather than punitive.
Your local TaxAssist Accountant could handle the entire Business Records Check for you if you give them the relevant authority; from the initial phone call right through to any visit that may follow. Please contact us if you would like to be put in touch with your local TaxAssist Accountants office.
By Jo Nockels
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.