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.
- Auto enrolment confusion 1,959 45
- Love is in the air 164 3
- I am 34 years old, am I too old to start a career in Accounting ? which is the best way to pursue it 1,643 20
- Sage Instant Accounts Complete De-install problem 235 8
- Allegedly ICAS most of us at 50 should pack up - Interesting 330 8
- Reimbursing director travel costs 373 5
- Client Paperwork Retention? 487 11
- Sage 50 VAT Return 121 2
- Interest paid - do new rules affect Tax Credits? 515 1
- Paying Son 621 18
- Pay rise - how to enter in Moneysoft 336 7
- HMRC accounting 248 3
- Employers NI allowance 442 6
- Dividend taxation 253 3
- VAT refund if only output tax on first claim 158 1
- Physiotherapist and vat and agency work ( one for Les Howard???) 177 2
- Tax Overlap Reporting 150 3
- Buy to Let Property! Shell I buy or not? 437 4
- iris update 11.9.2 446 7
- HMRC Discovery powers 273 3
- DTA tie-breaker issue 294
- Tax Implicatins on a Directors Loan 273
- CGT for NOn UK residents 269
- Employer's pension contribution - need to be PAYE registered? 256
- What are the tax implications of overseas sales through a UK based company? 242
- Apprenticeship Levy 231
- profit or loss on furnishings and deed of trust 229
- Capital Gains personal representatives 215
- Tenants in Common - Actual % split not written down 208
- Mandating Rental income or dividend income to a company 186