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.
- Worried over stock value 50 1
- Start of letting business when property owner took lodgers prior to letting out 77 2
- RTI Annual Scheme 1,262 22
- Sole trade and vehicle leasing 305 8
- Mortgage extended on a rental property 75 1
- Is there a risk in helping overseas companies that have no intention of doing business in the UK 162 5
- CGT on sale of Spanish property 135 3
- VAT on leased double cabs 50 1
- Backdate C79? 122 1
- Having a Jan blank moment 128 4
- Strange result on filing very small trade profits 223 3
- Non sterling partnership profits, exchange rates and tax 88 3
- Incorrect CIS Invoices from Subcontractors 172 7
- Child benefit charge 785 13
- Contribution to charity as % of profit 226 12
- Paying 31 January 2015 income tax by instalments 1,034 17
- Self Ass. Return 321 5
- Changed Company Year End - CT Penalty 280 11
- Splitting income from property rental or not? 373 9
- Furniture Holiday Let & Capital Allowances 206 6
- Form MR01 (Particulars of a charge) - does this need to be filed if you remortgage with the same lender? 816
- Copy Wanted 539
- Underpaid VAT assessment and relation to SATR 489
- Did you realise Google will not patch android exploit ... 475
- Latest phishing scam 328
- Entrepreneurs' relief 306
- Supply teachers and Ltd Companies 277
- Corporate LLP with 30 June Year end - How to record on SA800? 268
- Cashback for opening business bank acct = trading income? 267
- Auto Enrolment Questions Answered 171