HMRC reviews Business Record Check plans
HMRC is to review its Business Record Checks (BRC) scheme in response to concerns raised by the tax profession.
AccountingWEB contributor Simon Sweetman said of the lack of consultation: “This has been a consistent problem – HMRC has often consulted well up to the point at which it actually sends people out and then going rather off the rails because, I think, of a reluctance to let anyone ‘interfere’ with operational matters.”
The ICAEW welcomed the review: “The Tax Faculty and other tax representative bodies have been concerned about BRCs from the beginning. While we support initiatives to help businesses keep good records, we are not convinced that the BRC approach is the best way to achieve this. We are concerned that HMRC may set unrealistic criteria for small business records and that BRCs will place a considerable compliance burden on SMEs and their advisers.”