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Don't be afraid of HMRC’s renewed business records checks, says ROBERT MAAS
KEY POINTS
- Record-keeping obligations started in 1994.
- The requirements of TMA 1970 s 12B.
- The debate over whether penalties can apply before a tax return is submitted.
- The stages of the business records check process.
- Appeals and the follow-up visit.
- The treatment of any missing income.
HMRC announced that business records checks (BRCs) restarted on 1 November 2012. It may be recalled that at the beginning of February they were suspended largely in response to protests from the main tax bodies.
The department has gone back to the drawing board and the new BRCs process has a distinctly different look to the old.
HMRC say evidence from Canada which has had BRCs in place for some years ...
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