Business Records Check

Business Records Check

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As far as I can see, the legislation requires that adequate records must be kept to enable a "customer" to complete their tax return in an accurate manner. The article in Accounting Practice this month says that HMRC expect reords to be written up at least once a week, but I can't find the factsheet (TH-FS11) on HMRC's site. This is the best I can find.

http://www.hmrc.gov.uk/factsheet/record-keeping.pdf

My client is VAT registered (annual accounting) and his records are maintained on an annual basis. Cash Book/PCB etc are written up at the end of the year to enable accounts to be prepared. Debtors/Creditors are dealt with monthly, as is PAYE. This complies with HMRC's definition of adequate records, but not the frequency requirement. Anyone see any problems with this?

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Me!
By nigelburge
09th Sep 2011 12:14

None at all.

This "HMRC expect records to be written up at least once a week" nonsense is just that - nonsense. It is not in the legislation which is what matters.

HMRC really do not live in the real world - and it shows. Just imagine them trying to defend this before the First Tier Tribunal - they would be politely laughed at.

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