HMRC has produced another toolkit – a record-keeping toolkit which is aimed at telling businesses how they should keep their records. However be warned that this isn’t just another helpful guide!
HMRC has just finished a review of the level of penalties it can charge where it believes a business doesn’t keep adequate records. The maximum fine is £3,000 and tax inspectors will be carrying out an extra 50,000 random tax investigations this year in the hope of raking in some cash.
Take a look at the guide just in case. Even if you’re unlucky enough to be selected for an investigation, if you follow the rules HMRC would find it difficult to justify a fine.
