HMRC changes to affect SME's

 

HMRC has confirmed this year will see a distinct “toughening up” of its approach to record keeping in small and medium enterprises (SME’s), around 40% of which it estimates do not currently keep adequate business records.  Core to this crackdown will be the proposed introduction of a new Business Records Check, which will see SME’s compliance checked prior to their tax return being filed.

HMRC’s team leader for Compliance Operational Policy is quoted as saying, “inadequate records, for example those that fail to show all of a business’s income or that fail to differentiate between personal and business expenditure, can lead to tax losses for HMRC, which means a loss of revenue to fund the UK’s public services”.

With these changes in mind Eagle Consulting has launched an online accounting application which will be a huge benefit to SME's. For further information on how we can help please call 0800 731 5368 or Request a call back and we will call you straight back.