HMRC to start Business Record Checks

The four new HMRC / Business Link Resources;

1. A PDF entitled ‘Keeping records for business – what you need to know’
2. A PDF entitled ‘A general guide to keeping records for your tax return’
3. Guidance on setting up a basic record keeping system (in association with Business Link)
4. Guidance on what records you should be keeping (in association with Business Link)

Brian Redford of the HM Revenue and Customs said that “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. Later this year, HMRC will start a programme of Business Records Checks that will look at the adequacy and accuracy of business records in SMEs to bring about a major improvement in the standard of record-keeping. Now is the time to invest a bit of effort to make sure your business records are perfect.”

Meanwhile the Recruitment and Employment Confederation (REC) has met for the first time with the Office of Tax Simplification (OTS) to discuss the much criticised IR35 Legislation. The Office of Tax Simplification was set up by the Coalition Government last year following the General Election in an effort to ‘identify how complex areas of the tax system affecting both businesses and individual taxpayers can be reduced’. The IR35 legislation will be at the top of the action list for freelance contractors and the REC will put forward their views and the views of UK recruitment agencies in an attempt to generate more workable legislation.

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