HM Revenue & Customs (HMRC) is to begin investigating the records of small and medium sized companies, starting from November 26th.
The UK tax body is to send out targeted letters to companies that it believes might be somewhat at risk of improper record keeping. Where HMRC finds improper records being kept, it will work with the company to bring record keeping up to scratch.
Small and medium business owners should be aware that if proper records are then failed to be kept following HMRC’s follow up, fines may be levied. When asked about the move, Richard Summersgill, HMRC director of local compliance said “The visits offer benefits for businesses at risk of keeping inadequate records.