HM Revenue & Customs has driven ahead with a ‘Pilot Scheme’ for HMRC records checks. Although there were assurances that there would be no ‘live’ action on SME Records Reviews, warning letters have been issued to a number of pilot cases.
This issue remains one of the biggest tax-related challenges facing SMEs in many years. Despite assurances from HM Revenue & Customs, we foresee a material additional administrative burden being placed on smaller businesses. We are therefore preparing to offer a wider and more enhanced book-keeping and record-keeping support service to assist our clients meet the new, far-reaching requirements of HM Revenue & Customs.