HMRC has re-launched its Business Record Checks (BRC) initiative following a redesign of its pilot run which was suspended in February 2012.
The BRC pilot had previously subjected small businesses to on-the-spot record checks and fines of up to £3,000 as a way of ensuring business records were completed accurately and on time.
Under the new approach, HMRC will now call ahead to businesses deemed to be at ‘high risk’ of inaccurate record keeping. A short questionnaire will then be conducted before the tax authority will issue self-education material or confirm if a follow up visit is required.
The new programme will be rolled out across the UK on a region by region basis between late November 2012 and February 2013.
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