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.
- Holding Company - Ltd or PLC? 242 3
- Cocaine anyone? 75 2
- Is Co House "losing" Abbreviated Accounts? 1,454 21
- Accountancy practices - are you closed over Christmas or do you let your staff take it off? 795 25
- ACCA - still making me laugh 420 3
- can anyone recommend Turkish speaking accountants in London 237 1
- Depression - HMRC penalties case won because of this illness. 306 11
- Tax return software for remote working 460 4
- Solicitors now, Accountants next 497 9
- How come if you claim benefits you are not entitled to you either have to pay a 50% penalty or are sent to court and either fined or sent to prison (sometimes suspended) and end up with a criminal record. 415 9
- WHY AREN'T DWP RULES THE SAME BOTH WAYS ROUND 440 9
- How to purchase business premises? 142 2
- Will I need to resign? 805 10
- Childcare vouchers 157 3
- Base value unavailable re. Capital Gain 271 5
- Management Company Setup Structure as Limited Company 295 6
- VAT avoidance? 218 4
- Can S455 tax repaid 182 3
- PAYE coding out 178 3
- Follower cases 573 2
- Hive up 469
- Accounting referance change & deficient accounts. 436
- corporate hierarchy 415
- Advice - 243
- Amortisation of Goodwill 214
- Anyone had HMRC refusing to act on EPS database glitch? 202
- WWOOFers 197
- Legal Aid Agency claims and VAT 178
- Art Gallery - Splitting a property between business and personal use 176
- Co. limited by Guarantee now closed 172