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.
- Land Rover Discovery 3.0 SDV6 255 Comm Auto 2 seat 269 7
- The stupidity continues 283 10
- qualifying for 1/9th tax credit on foreign dividend 132 2
- HMRC & daft penalty 2,360 19
- Limited company director - other earnings in the tax year 90 1
- Overlap relief 742 19
- What is IRIS World like? 341 8
- Pension contributions 352 10
- Offsetting CT losses against another company 113 4
- Do you have to declare business expenditure on a personal credit card on your P11D? 468 11
- Do you use sign up lists on your website 153 1
- CIMA at the age of 35?? 446 9
- Setting up PAYE scheme without UTR 253 8
- Free project management software with Gantt charts, preferably on-line 201 1
- Share transfer question 327 16
- If you've had any issues posting: Please read this 553 10
- New Employers Helpline 153 3
- Budget 2015 - take two 217 3
- CIS Contractor has not issued tax deduction certificate to client 209 4
- VAT Query 217 2
- Has anyone been affected by the RBS payment breakdown? 433
- Straight line write off of Purchase Goodwill ??? 427
- WIP Software 291
- FRS 102 compliant illustrative accounts for an insurance company 286
- CGT, PPR and transfer of equity to spouse. 224
- No payroll scheme in place 223
- Software recommendations 212
- Do subcontractors on work for residential (student accomodation) construction 202
- Is there anything wrong with this? 195
- Small Part Disposal of Property 176