New HMRC Business Records Check Programme

HMRC has announced the availability of four new products that will help the self-employed, sole traders and small businesses maintain accurate business records.  This is in advance of HMRC's new Business Record Checks programme that will launch later this year. Failure to keep correct business records will be punishable with penalties.  

HMRC believes over 2 million businesses do not keep sufficient records, despite legal requirements to do so.

As described on the HMRC website "There is something for everyone - from basic factsheets to online tools."

Here is what is on offer: 

  • Keeping records for business - what you need to know: a basic guide with a helpful list of where to get more information. www.hmrc.gov.uk/factsheet/record-keeping.pdf
  • A general guide to keeping records for your tax return: detailed guidance on record-keeping covering what type of records you may have to keep, common problems and examples for different types of business. www.hmrc.gov.uk/sa/rk-bk1.pdf
  • Set up a basic record-keeping system: with examples of spreadsheets and information about setting up a record-keeping system. www.businesslink.gov.uk/recordkeeping
  • Find out what records you should be keeping: looks at the records you need to keep and assesses how well you are keeping them. For those who are thinking of starting in business, the tool provides a checklist. For established businesses, it will give feedback and advice on improvements you may need to make. www.businesslink.gov.uk/recordkeepingcheck

Martin Pollins of Bizezia said: "While the tools from HMRC will no doubt be useful, most small businesses will lack the time or inclination to utilise them properly.  Clients will still look to their accountants for support and advice with book-keeping."

"This announcement from HMRC, and particularly the advance warning of the launch of the Business Records Check programme, provides an ideal opportunity for accountants to promote book keeping services to their clients and prospects."

This announcement was featured on EziaNews on 21st Feb. Click here for a FREE TRIAL of EziaNews, which provides a daily round up of industry news directly to your website.

Source: http://nds.coi.gov.uk/content/detail.aspx?NewsAreaId=2&ReleaseID=418174&SubjectId=2

Notes

  • Bizezia provides high quality, unique website marketing apps and practice management tools. Bizezia's products are designed to make business easier, encourage people to to visit your website and to keep them coming back.
     
  • Bizezia's EziaNews is an ideal example of how to keep your website current and informative. It's a daily round-up of business news that can be placed on to your website with no effort on your part and gives your clients, prospects and staff instant access to the latest business news. 
     
  • Bizezia can trace its roots back to 1986, at a time when accountants were beginning to develop innovative marketing strategies for the first time. Then, with the launch of the Internet, Martin Pollins, founder of Bizezia, saw a new business opportunity to provide marketing and administrative products specifically for professionals serving SMEs, which would be available on their own websites with the aim of attracting potential clients and improving the level of service to existing clients. 
     
  • Martin Pollins, chairman and founder of Bizezia, is a Chartered Accountant with wide experience in corporate finance and business management. He ran his own accountancy firm in Sussex and was the first accountancy firm in the UK to advertise on television. Martin went on to create and launch the CharterGroup Partnership (the UK's first accountancy network) and then LawGroup UK, one of the largest networks of lawyers in the country. He also served on the ICAEW Council for several years. 
     
  • Operations director, Iman Rouane, is an honours journalism graduate, who has worked on a number of magazines, including Marie Claire and BBC Eve and was also a freelance newsreader for several radio stations across the south east. She joined Bizezia in 2005.