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‘Keep your records up to date’ warning by Keighley accountants
2:50pm Saturday 11th January 2014 in News
A Keighley chartered accountants is urging businesses to ensure their record keeping is up to date.
Clough & Company issued the plea as Her Majesty’s Revenue & Customs (HMRC) began random site visits.
The initiative is part of a plan by HMRC to expand on its business records checks programme, which usually takes place over the phone, advising firms on how to improve their record keeping.
Nigel Westman, a partner at Clough & Company, said: “Correspondence from HMRC can be concerning, but in most cases, if the records are in order, there’s nothing to worry about and businesses that can make improvements will usually be given constructive feedback about the areas they need to work on.
“Businesses that can demonstrate their records are in order also provide assurances to HMRC they can rely on their tax returns, so it’s worth any firms that are targeted making sure everything is up to scratch before the visit takes place.
“For companies with very poor records, HMRC might arrange to do a follow-up visit to monitor progress and, in extreme cases, businesses can face financial penalties.”
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