Market leading insight for tax experts
View online issue

Business records checks

It’s one to watch – at a time when HMRC is promoting the benefits of collaborative working BRC has the potential to impose unreasonable burdens and unjustifiable penalties on small businesses and to damage irreparably the relationship between HMRC and taxpayers and their advisers. With BRC HMRC finds itself at a crossroads: let’s hope it goes in the right direction.

In-year record-keeping penalties – TMA 1970 s 12B: HMRC now believes it can charge penalties in-year if records are not in HMRC’s view ‘adequate’ when they come to call. The statutory test is whether the records kept enable a taxpayer to make a correct and complete return so it is hard to see any legitimate basis...

If you or your firm subscribes to, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.