HMRC Business Checks

HMRC have chosen Manchester and Stockport to test new Business Record Checks before rolling these out nationwide.
HMRC believe that 40% of small and medium sized businesses fail to keep proper records. As a consequence, from mid July they will review the records of up to 50,000 businesses annually and anticipate that a further £600 million will be collected in the next four years.
HMRC will be using new powers, given to them over recent years to inspect business records on site and to check upon the taxpayer's tax position. The reviews will consider real time transactions and the records relating to all taxes and functions, including VAT, PAYE and NIC along with business and corporation tax. HMRC will seek penalties where they believe the records are inadequate and such a conclusion could be the catalyst for a wider review of earlier tax compliance.
Manchester and Stockport are two or eight locations in which HMRC will trial its new policies and procedure between now and July and it is expected that 1,200 visits will be undertaken in this period. 

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