HMRC are planning a programme of checks to review the adequacy and accuracy of records kept by small and medium-sized enterprises (SMEs). The taxman expects the new programme to raise an extra £600m over four years.
The taxman says its random enquiry programme showed that poor record-keeping is an issue for 40% of SMEs. Her Majesty’s Revenue & Customs has issued the Business Records Checks document, stating that the campaign will begin in the second half of 2011, with around 200,000 small businesses being selected for one of the new checks.
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