As a core element of our accountancy services at Harris & Co, we ensure that all our clients are well informed with the key financial news that may affect their business. We specialize in making sure that small-medium sized businesses are given a solid financial platform by offering friendly yet professional advice. The recent changes in HMRC business records checks are likely to have a strong influence on how various accounting services operate. Let’s look into what these changes will entail and how they could affect the way that businesses move in the future.
HMRC Announce Plans To Change Business Records Checks
A new announcement from HMRC (HM Revenue and Customs) details a change in their Business Records Checks (BRC) in the foreseeable future. According to the personnel at HMRC, these changes are assured to ‘help those who have inadequate records’. HMRC released the following statement:
‘Customers whose records were not adequate on first inspection, and who received follow up visits, all improved their record-keeping standard. HMRC have not had to charge any penalties’.
As of 4th November, HMRC will implement new Business Record Check procedures in Edinburgh, Glasgow, Leeds, Bradford and Stockport. In the mean time, HMRC will employ a new risk management method whilst making sure that the new BRC model is both cost effective and adherent to wider compliance activities.
This change comes after the Government issued a stamp on non-paying employers, after more than 50% of claimants were recorded to have gone without a payout following employment tribunals. The hope is that the new regulations will minimise errors whilst also deterring employers from breaching their contract (in the instance that a case is made against them).
What Will This Mean For Chartered Accountancy Services And Other Companies?
HMRC have mentioned that they will also liaise with tax agents’ representatives to evaluate what good record-keeping should be. With these new alterations, HMRC want to work with them to maintain high standards and, possibly, improve current standards whether they are already exceptional.
If you have questions regarding tax, our free tax app helps business owners keep up to speed with monthly tax news, whist also providing top tips on how to monitor your tax. We also provide an online tax table to assist you with specific queries on the matter.
Please Note The Following Important Information Regarding The HMRC’s Changes
If you have received a letter dated on or before 23rd October 2013, HMRC will contact you via telephone to ask you to complete a telephone questionnaire. In addition to this:
• If HMRC has already allocated a specific time to contact you, they will offer you the option for advice on keeping business records from the "Help and support for businesses" options.
• If HMRC has not yet allocated a time to see you, they will still offer you the chance to get advice on keeping business records from "Help and support for businesses" where you can access further guidance on record keeping
If You Have Any Enquiries Regarding The Changes In HMRC, Feel Free To Contact Us
For more information on accounting or tax visit: http://www.harrisandco.biz/ . You may also contact us on through filling in our online form , or alternatively, you can call our Northampton office on: 01604 660661
We would be more than happy to help!