Final date looms for consultation on rec

Final date looms for consultation on record keeping regime
A consultation on the penalty regime for firms that fail to keep their records in good order is set to end soon.

The final date for the submission of views on a new system of record-keeping compliance checks is 28 February.

HM Revenue and Customs (HMRC) announced last year that it intends to introduce a new regime for monitoring whether firms are paying the correct amount of tax as a result of failing to maintain proper financial records.

The proposed Business Records Check will enable HMRC to examine the trading documents of a business before the filing of a tax return.

Under the current rules, checks can only be made once a return has been submitted.

HMRC wants to hear views on the method of conducting such checks, what constitutes appropriate compliance, and how failures may be gauged as minor or important.

Should the new measures come into force, HMRC may have the power to impose penalties as high as £3,000 on firms that cannot demonstrate adequate record keeping.

The consultation is also looking at how and when fines should be administered.

More details on the consultation can be found at http://www.hmrc.gov.uk/consultations

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