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.
- Declined for business bank account 230 5
- Help with Mortgage Application? 476 7
- planning to be self employed bookkeeper what do i need to do before i start? 166 3
- Any Scottish members out there? 7,615 283
- Disclosure of pending convertible loan notes? 212 10
- Standard 'email' template system 875 14
- New Client in dispute with old accountant 459 9
- Shutting down a company with creditors 1,027 14
- How to complete annual VAT return online? 215 4
- Irish VAT Deferred payment 88 1
- Circular shareholding 231 6
- Starting as sole trader from abroad 188 6
- business card address 300 8
- VAT relief eligibilty for charity buying minibus 213 2
- Loan to a related company 101 1
- Artificially reducing profits by bonus accrual 656 26
- Repairs after a rental business ends 331 10
- Can anyone recommend a good document scanner? 268 8
- property rental income split 128 1
- Expenses of overseas employment 137 2
- Raiders of the Lost Tax File 1,112
- Chartered Accountant in County Down N.Ireland 366
- IPP (International Pension Plan) income 300
- National Insurance 269
- valuation of intangible asset FRS10 and FRS20 239
- Payments on account coded out?? 228
- Cass 5 FCA Client Money Software recomendation 221
- Non Resident 186
- Unnecessary S9A Enquiries 180
- Franchise income and costs 176