With 40% of all small and medium sized businesses being targeted in this latest campaign, businesses with poor bookkeeping records, where tax is more likely to have been underpaid, are at a higher risk of investigation.
John Mayer who runs TaxAssist Accountants in Weston-Super-Mare comments:
“Keeping up to date with bookkeeping can be a big administrative job that often becomes a burden to small businesses. However, keeping on top of records can lead to better management of your business and its cashflow. Plus, HMRC is less likely to take further action if your records are found to be satisfactory.
“If you think your records may not be up to scratch, you should think about making improvements by using proper filing systems, spreadsheets or a computerised bookkeeping package. If records are not kept in order penalties of up to £3,000 can be issued. However, if the taxman does come calling and you are charged a penalty, there is the option to appeal against the decision.”
TaxAssist Accountants Weston-Super-Mare is a local business itself, operating across Clevedon, Weston-super-Mare and surrounding areas providing tax and accountancy advice and services to more than 250 small businesses.
TaxAssist Accountants is the largest national network of independent accountants working specifically for small business
John Mayer is available on 01934 429663
and johnmayer@taxassist.co.uk
