HMRC tells us they estimate around 1 third, (about 2 million) small and medium enterprises (SMEs) do not keep adequate tax records.
Starting 31 May 2011, HMRC is launching a programme of spot checks to make sure businesses are applying the rules for keeping 'accurate and adequate' business records. Penalties could be applied where businesses fall short
Small businesses such as freelancing professionals, builders, plumbers, hairdressers, pubs and local shops are most likely to be targeted by the tax authorities.
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