BUSINESS owners are being warned by a Keighley accountant to be prepared for increased scrutiny from specialist tax taskforces

Dave Forrester, of TaxAssist Accountants, said HMRC was seeking to step-up its investigations into the financial affairs of small businesses.

"The specialist tax taskforces have brought in more than £540 million since they were launched five years ago," he said.

"Provided businesses have all the right procedures, records and proof of income and expenditure in place, they have nothing to worry about. But it is vital they act first, rather than wait for the tax inspector to call.

"HMRC will impose harsher penalties if it thinks there has been no attempt to come forward and address any anomalies or ensure the paperwork is up to date."