SMEs (Small and Medium-sized Enterprises) in the South East are being targeted by the taxman in a probe into business records, warn tax investigation specialists at Grant Thornton UK LLP.
HM Revenue & Customs today (January 14, 2013) launched its BRC (Business Record Checks) programme in the South East, which focuses on businesses with an annual turnover below £30 million who employ less than 250 people.
Trudi Amy, tax director at Grant Thornton’s Southampton office, said: “Businesses need to keep adequate business records so that they can complete their tax returns correctly.
“As part of this latest crackdown, SMEs in the South East that are deemed more likely to be at risk of having inadequate records can expect to be contacted by HMRC by letter to arrange for a call to go through a short questionnaire.
“Depending on the outcome of the call there are three likely options – no further action, the offer of targeted self-help education options, or a BRC visit for those that are assessed as being at risk of keeping inadequate records.”
She concluded: “Any traders who have not registered with HMRC or who have concerns that they may have understated the profits which they have declared should seek specialist advice and consider making a disclosure to HMRC to reduce the chance of a potential prosecution and to bring down the amount of any penalties which may be due.”
