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.
- Processing RTI whilst on holiday 2,595 43
- Self Employed travel 189 3
- What's the plural? 272 7
- deleted 522 24
- Use of aliases 482 15
- Builder - Roll over relief 226 13
- PII and previous accountant 238 6
- xbrl accounts and HMRC template help 525 11
- Alphabet Shares - tax implications? 1,428 8
- What should I charge for unlimited advice and support ? 207 5
- DISCOUNTED RENT FREE PERIOD 138 2
- VAT - Quidco Cash-back 210 3
- Subsidiary or New Company? 72 2
- Splitting hairs with a national firm 258 3
- VAT on Import goods 141 4
- Sale of Van to a Guernsey company and VAT 105 2
- Director forgot to take salary for 2013/2014 725 8
- Accountancy Software Recommendation for eCommerce Business 87 1
- Client leaving and querying previous years accounts 673 25
- Awkward insolvency practitioner 169 1
- Proposed Amendments to IAS 1 560
- Property exchange - 8-year legal delay following fall-out 409
- Accounting for Insurance Premium Financing 315
- IFA incorporation 286
- Mortgage interest claim on Buy to let hic up 271
- Can the receivers fees be allowed for tax? 271
- Moving into own BTL property - allowable costs 240
- SAGE Payroll Data for Import to MS Dynamics AX 228
- Will Ni be payable on the salary I receive abroad ? 199
- Life assurance gains anomoly?? 191