Business Records Checks Suspended
"An internal review of HM Revenue & Customs' 'Business Records Checks' initiative found that it had been poorly targeted, overstated how much it would collect for the Treasury and damaged the taxman's relationship with accountants and business groups.
The scheme will be relaunched "early in the next financial year" with a "fresh approach", HMRC said.
Accountants, Conservative backbenchers and business groups had complained that business owners were being "harassed and mistreated" by a pilot version of the scheme."
I believe this was issued late on Friday evening, so no doubt John and the folks at AWeb will provide a more in-depth analysis on Monday.
However, I am encouraged that HMRC have taken action given what many of us have been saying over many months about BRC's.
- Incorporation - any tax advantage? 306 8
- Using a Business broker to sell a clients Company.....??? 139 4
- Easy way to not pay tax 122 5
- Payment for goods received on last day of quarter but refunded the next - what options are open here? 347 14
- VAT on Microsoft Office Accounting Professional 2009 198 2
- Builder using cash labour 110 1
- Surcharges on very late VAT 215 3
- Should I pass on my HMRC login 438 11
- If an invoice is sent and paid does a contract exist 272 10
- Was I rude 821 20
- Need qualification back due to clients' banks needing my references 326 9
- Paint Manufacturer Flat Rate Scheme 219 8
- IRIS Open Books problem 297 1
- Company overdue but wants to be struck off 214 6
- Non-compete agreement 189 1
- Expenses claim for non employee 205 1
- Any views 741 1
- IRIS Practice Management 158 2
- Non Registered trader selling to Malta 115 2
- Pre- trading Expenses 117 1
- Skandia using wrong address 1,487
- Nil Rate Band Trust - index linked debt by way of charge over property 827
- International interest certificate 448
- Stamp Duty on share for share exchange 423
- Sale of business 397
- NOVA 301
- farming-related R & D tax relief claims 211
- Bonus Bonds 180
- Management expenses for investment company 178
- Can Limited Company Buy Share of Rental Property? 172