Business Record Checks restart this month – are you ready? HMRC launched the pilot programme of Business Records Checks (BRC) in April 2011.
This involved checks on the adequacy of Small and Medium-sized Enterprises’ (SMEs) statutory business records.
SMEs are businesses with an annual turnover below £30 million who employ less than 250 people. Up until 17 February 2012, 3,431 BRC had been carried out. These found that 36% of businesses had some issue with their record-keeping of which 10% had issues serious enough to warrant a follow up visit.
HMRC will be sending out letters this month to businesses that it believes may be at risk of keeping inadequate records, advising them that it will be in touch by phone.
The call will take businesses through a set of questions designed to assess their record keeping affairs. SMEs need to take appropriate action now in order to avoid a potential follow up visit.
Christine Marsh, ACMA
Sterling Accounting Services
Tel: 01325 301139