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.
- Taxfiler - SA100 - More efficient? 759 5
- See you all on the other side 771 6
- 12Pay 549 2
- dividends 761 2
- R&D 370 1
- Quarterly Reporting - The Logistics 1,234 17
- Auto enrolment contribution rates 482 3
- How long are you waiting for appeal reply 486 4
- Borrowing money to loan to company 441 1
- Mother as Guarantor for Son's mortgage 584 5
- Seeking a tax case 698 9
- When do we qualify for state pension? 560 4
- Companies house strike off 673 3
- Tax treatment of alterations to property 500 2
- Moving to the cloud 789 9
- Iris open space/doc exchange for SATRs 231 2
- How much to charge for payroll? 953 16
- Unincorporated charity transfer to CIO 236 4
- BTC vs Digita 1,129 29
- Has anyone tried calling HMRC to get tax on dividends put in code? 542 4
- HMRC Joint Filing 581
- Capital Contribution towards a company car 433
- Capital Reduction & Impact on EIS Shares 381
- IRIS and FRS 102 370
- National Minimum Wage issue on Directors joining a Workplace Pension 366
- Marginal rates of tax 359
- Capitalising Finance Lease 348
- Class 2 NI 341
- USA help 330
- Dormant company accounts under FRS 102 314