{"id":554,"date":"2012-02-07T08:00:53","date_gmt":"2012-02-07T08:00:53","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/blog\/?p=554"},"modified":"2012-02-07T08:00:53","modified_gmt":"2012-02-07T08:00:53","slug":"business-record-checks","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/business-record-checks\/","title":{"rendered":"Business Record Checks"},"content":{"rendered":"<p>HMRC has come under fire in recent weeks over its Business Record Checks, which target small and medium-sized businesses. HMRC claims that 44 per cent of businesses have issues with their record-keeping, while 12 per cent have seriously inadequate records.<\/p>\n<p>The checks, 20,000 of which are planned for the 2012\/13 tax year, could result in penalties of up to \u00a33,000 for &#8216;inadequate record keeping&#8217;, a term that HMRC has yet to define.<\/p>\n<p>The Business Record Checks system is now being reviewed after considerable concern was raised over the potential compliance burden it could place on already stretched small and medium sized businesses.<\/p>\n<p>While the added pressure is not welcomed, keeping on top of your business records is essential.<em> <\/em>Tips on this include ensuring:<\/p>\n<ul>\n<li>All income is recorded and banked promptly<\/li>\n<li>All recorded expenses are authorised and valid<\/li>\n<li>All recorded debts are recoverable<\/li>\n<li>All your liabilities are identified and recorded when they are incurred<\/li>\n<\/ul>\n<p><em>We can help you to establish and maintain an efficient business records system. Please contact us to find out more.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HMRC has come under fire in recent weeks over its Business Record Checks, which target small and medium-sized businesses. HMRC claims that 44 per cent of businesses have issues with their record-keeping, while 12 per cent have seriously inadequate records. The checks, 20,000 of which are planned for the 2012\/13 tax year, could result in&hellip;&nbsp;<a href=\"https:\/\/my-brains.co.uk\/jackross\/business-record-checks\/\" class=\"\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Business Record Checks<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[20],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Business Record Checks - Manchester Chartered Accountants<\/title>\n<meta name=\"description\" content=\"Want to know why the HMRC came under fire over Business Record Checks? Read this Jack Ross article\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/my-brains.co.uk\/jackross\/business-record-checks\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Record Checks - Manchester Chartered Accountants\" \/>\n<meta property=\"og:description\" content=\"Want to know why the HMRC came under fire over Business Record Checks? 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