Business Records Check Checked

Following considerable concerns amongst taxpayers and their agents about HMRC's Business Records Check (BRC) pilots, lengthy discussions have taken place between representative bodies and the Revenue resulting in HMRC agreeing to carry out a review of its project.

The review will be an open one with the likes of the Chartered Institute of Taxation being invited to participate and will consider various options to achieve the original aims of BRCs, that of dealing with poor record keeping in the small and medium enterprise sector.

HMRC has admitted that the launch of the BRC project would have benefited from more detailed consultation with tax professionals at an early stage and will undertake a strategic review to examine whether their current approach is appropriate and identify what changes are needed to ensure the objectives are achieved. It is expected that HMRC will report its findings in early 2012.

In the meantime HMRC will continue with a limited number of BRC pilots and the results of them evaluated as part of the review.

With regard to concerns over possible penalties, HMRC has reassured taxpayers and their agents that they will not be seeking to impose penalties during the pilots except in extreme cases such as where someone has no records or has destroyed them. To date, no such cases have arisen.

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