Accountancy & Taxation
Robert Bradley and Steve Parnham work together to offer a full range of busineess taxation, capital taxes and self-assessment services.
Recent projects have included:
- Incorporation of sole trader with goodwill valuation
- Set up of trust as vehicle for for limited company investment property
For more information on how we can help you plan your tax strategies contact Robert Bradley.
Business record checks scaled up
HMRC are rolling out their Business Record Check programme which means that they might soon be asking to inspect your records. If your records are not up to scratch could this be a problem for you?
HMRC have a target number of 12,000 businesses to visit next year. If you are chosen for a Business Records Check (BRC) they will contact you and it is your own interest to co-operate, subject to negotiating a suitable time and date which suits you. The time it takes to carry out a BRC will depend on the volume and complexity of your records but generally it will last between two and three hours. HMRC will review a random sample of purchases, sales and expenses transactions. In theory you could be fined up to £3,000 for not keeping adequate records but this is extremely rare.
HMRC are generally more concerned about ensuring that records of all transactions exist, rather than worrying about their quality, on the basis that it will be possible to produce correct accounts and tax returns at any later time. There are separate rules for retaining records for VAT purposes but as a general rule you must have sales and purchase invoices to support your VAT Returns.
