HMRC Targets Accounting Systems In Records Check
17 Oct 11
Initial feedback from the Government’s new Record Checks exercise is that HMRC is reviewing the systems which are being used to hold accounting information, as well as the historical records themselves.
In Spring 2011, HM Revenue and Customs began a set of investigations known as Business Records checks, to target SMEs across the UK. The checks are investigating whether adequate records relating to Tax, VAT, PAYE, Capital Gains Tax and so on are being kept and filed.
It now appears that the ways in which the records are being kept are being reviewed too. Presumably HMRC’s thought process is that if the systems being used are up-to-date and adequate the accounts themselves will be too.
Ensuring that you have a first-class solution to handle your accounts is imperative for any SME in the UK. For more information about the accounting software solutions which Cornerstone can advise on please click here or contact us.