HM Revenue & Customs (HMRC) re-launched its Business Records Check (BRC) initiative late last year – to check the adequacy of business records being maintained by Small and Medium sized Enterprises (SMEs).
As part of the process, HMRC will:
Write to those SMEs selected for a BRC.
Telephone the selected SMEs to talk through their business record keeping. The call is expected to last 10 – 15 minutes.
Based on the responses received, HMRC will then:
Assess whether a face to face BRC visit is required.
If the business records are deemed to be adequate, the HMRC officer making the call will tell the SME and then confirm the decision in writing.
If the business records are deemed to require improvement, an HMRC officer from the Business Education and Support Team will make contact with the SME.
If the business records are deemed to be inadequate and a visit required, the HMRC officer will ask one of their colleagues on the booking team to call to make the arrangements.
If you have concerns over your bookeeping and indeed what records you need to keep and how you should approach this potential letter and telephone call from HMRC – please get in touch.
By David White a Partner in Charterhouse, based in Beaconsfield
David White is an equity partner in Charterhouse a practising firm of Chartered Accountants based in Beaconsfield and Harrow. David is Charterhouse through and through having been with them for 30 years...