SMEs told: improve record keeping or face second visit (Accountancy Age)

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SMEs told: improve record keeping or face second visit
Companies in business records pilot being told they must improve sales invoice record keeping

02 Jun 2011 Accountancy Age

By Jaimie Kaffash

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THE TAXMAN is telling businesses that are part of a mandatory pilot scheme that they may receive another visit if their record keeping does not improve, Accountancy Age has learnt.

The pilot scheme was announced in April this year following a consultation that ended in March. Although HM Revenue & Customs has not yet responded to the consultation, the businesses that were chosen to be part of the pilot scheme are being informed how they need to improve their record keeping.

Tags: accounting records, hmrc, sme, SME's, uk tax