We wanted to make you aware of the new HMRC project involving checking business records. They are setting up a consultation process but this seems to be about how it will operate not whether it will be put in place. The Government believes that it is losing considerable amounts of tax because some businesses are not keeping proper records.They intend to target businesses which they consider are of “the type associated with poor record keeping”; this presumably means mainly businesses dealing with cash, although they will also select businesses at random. They will expect businesses to have records which show a clear record of monies in and out and are sufficient to allow an accurate interpretation of income and expenditure. Now we don’t know exactly what they will be looking for, and whilst they say that they will not be looking to impose penalties immediately but rather to advise on improvement, you can be sure that they will be keeping notes and therefore you may be subject to enquiry later. HMRC will give 7 day’s notice of a visit and we would recommend that we are present during the visit.
If you have any concerns about this please do give us a call.
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Last weekend Gilbert & Co were delighted to be the main sponsor for the Great Wryley Annual Football Tournament- 170 teams took part and over 5000 people attended the event across the two days.
Please click on the following link for more info http://www.wyrleyjuniors.net/another-successful-tournament/
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Graham has delivered a presentation entitled “tax penalties & interest- how to avoid” to a group of local Cannock businesses at the Company Networking Breakfast meeting on Thursday 16th June. For more information please refer to our factsheets at http://www.gilbertco.net/factsheets.php or contact Graham on 07403 384155. For details on Company Networking please visit their web site at www.companynetworkingltd.co.uk
Disclaimer
The information contained in this newsletter is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.
