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.
- Where has Portia gone? 3,517 93
- RTI Payroll ID 716 20
- Overlap profit 64 1
- Sole trader paying Class 1 NIC 79 1
- What are other accountants having for lunch? 243 7
- Stock of photos to capatilise 292 14
- Spousal transfer and PPR 776 34
- Where can I report and accountant for defraud 168 4
- Rogue Accountant 3,569 57
- Assigning loan from Company to adult children 90 2
- Practice management software 1,106 21
- micro entity balance sheet query 140 4
- Associated disposals - Entrepreneur's relief 338 19
- Inheritance Tax - Gifts UK 156 1
- VAT on a private sale? 179 5
- Overseas business trip - accompanied by family 245 3
- Tax refunds for 2014/15 1,238 24
- Payroll software 195 7
- Entrepreneurs Relief Shares Received as Part of Divorce Settlement 86 1
- Thoughts on revenue recognition 605 19
- Services via intermediaries and new HMRC reporting requirements 818
- Pensions Regulator 462
- How hard is it to reduce a code? 425
- Sanzar 325
- How do you do it 315
- Digital marketing focus group 307
- Kashflow balance sheet difference 279
- new investor structure 187
- Bed & Breakfast trade via Limited Company 186
- Fit for purpose 181