| HM Revenue & Customs
(HMRC) has launched new tools to help
small businesses, sole traders and the
self-employed keep their records in shape.
Four new products were launched in
February, ahead of the
introduction of HMRC’s new Business Record
Checks programme later this year, which
will impose penalties for significant
record-keeping failures.
Brian Redford, HMRC’s acting director,
Business Customer Unit, said: “It may seem
like a challenge, particularly when you’re
starting out, but keeping good records
will bring real advantages to your
business.
“Get a proper system in place and
you’ll not only be confident that you are
paying the right tax, but you’ll keep
up-to-date with how much you owe suppliers
and how much you are owed.
“Later this year, HMRC will start a
programme of Business Records Checks that
will look at the adequacy and accuracy of
business records in SMEs to bring about a
major improvement in the standard of
record-keeping. Now is the time to invest
a bit of effort to make sure your business
records are perfect.”
LINKS
Keeping records for business - what you
need to know:
www.hmrc.gov.uk/factsheet/record-keeping.pdf
A general guide to keeping records for
your tax return:
www.hmrc.gov.uk/sa/rk-bk1.pdf
Set up a basic record-keeping system:
www.businesslink.gov.uk/recordkeeping
Find out what records you should be
keeping:
www.businesslink.gov.uk/recordkeepingcheck |
