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HM Revenue & Customs are to introduce a programme which will implement checks on business records. Approximately two million Small and Medium Enterprises have poor record keeping which results in less tax being paid to the exchequer. Extra work is often caused for tax agents by poor record keeping which is totally unnecessary. £600 million is expected to be collected by the programme over the course of four years.

HMRC will consider issuing penalties for poor record keeping, and up to 50,000 checks will be carried out annually. Although tax agents provide advice to their clients regarding keeping records, many businesses do not follow it. As the economy is going through a particularly tough time, HMRC are eager to improve the record keeping of businesses, avoiding unnecessary financial loss.

Keeping records in an orderly fashion can be a time consuming practice for many businesses, which is why a reputable online accountancy is very often the solution. Records such as invoices can be submitted and utilised in real time, allowing the tax return and accounts to be based on actual figures rather than estimates.

Low cost accountants will be able to organise your records so that you will always have instant access to information. Many accountancy firms are also happy to deal with any investigations which are carried out by HMRC, taking an average of half a day to complete. Accurate business records are also required to help project profit and loss, making adjustments to your business as necessary.

About The Author

Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

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