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Jun
23rd

INITIAL RESULTS

Initial results from the HMRC “test and learn” phase of its Business Records Check (BRC) initiative are being monitored, as businesses receive letters after the BRC visit. It would appear that HMRC has a template letter and recommends improvement in common areas across the board, such as sales invoices with consecutive numbers, maintained cash book, mileage logs, drawings records etc, all written up at least weekly.
Get the bookkeeping basics right and you should have nothing to fear from the visit.
If you would like Haxton to help assess your records and recommend areas for improvement please contact Haxton Chartered Accountants West London.

Posted in GENERAL | No Comments »

Jun
20th

WHAT’S MISSING?

I carried out an interesting Finance Function Assessment recently and decided to focus the report on what was not there.

The report found seven key controls were missing which included a lack of documentation around dividends. Many business owners extract profit using dividends as part of their tax planning, and I’ll be writing a series of posts on this topic, but don’t realise they lead themselves open to attack.  If the revenue investigate you and find that the peperwork is incomplete they can seek to reclassify divdends and salary.

The impact for this business on just one weakness would be the best part of a quarter of millions pounds of tax plus interest and penalties.

Are you sure all your paperwork is in place to resist a challenge?

Posted in TAX | No Comments »

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