HMRC has produced another of its ‘ toolkits’, this time aimed at telling businesses how they should keep their records. But this isn’t an act of generosity, there’s a sting in the tail. It has just finished a review of the level of penalties it can charge where it believes a business doesn’t keep adequate records.
The maximum fine is £3000 and its inspectors will be carrying out an extra 50,000 random tax investigations this year in the hope of raking in some cash.
Take a look at HMRC’s guides on how to keep your records in order:
Keeping records for business – what you need to know
A general guide to keeping records for your tax return
If you need help with your record-keeping, please contact us on 0844 357 3646 or email us for more information on what we can do for you.
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