HMRC begins first phase of Business Records Checks
Over 1,000 small and medium-sized enterprises (SMEs) will be targeted in HMRC’s first round of Business Records Checks (BRC).
Following a period of consultation, the taxman is already arranging visits to carry out checks on the records of small businesses. The visits were not due to start until July but HMRC has decided to introduce what it describes as a ‘test and learn’ trial.
In a briefing note, HMRC confirmed that it is testing BRC in a limited way between 4th April and 15th July 2011; this will involve 30 HMRC staff in eight locations (Edinburgh, Irvine, Manchester, Liverpool, Stockport, Sunderland, Sheffield and Portsmouth).
It estimates that around 1,200 businesses will be targeted during this initial phase of the programme.
- Majority of the Governance Professionals Oppose Increase in FRC Powers
- Monitoring Group Declares Widespread Support for Reform of the Audit Standard Setting Process
- PCAOB sanctions former Senior Partners of Deloitte Turkey over altered documents
- ACCA Signs MoU with the CFA Institute
- Australian Bank to Pay Fine Amounting to A$700m for Not Complying with Money laundering and Counter-terror Financing Laws
- Deloitte Partners Face Formal Complaints by FRC over Autonomy Accounts Scandal
- Homebase Purchased for £1 by Hilco from its Australian Owners