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Further to our earlier article regarding record checking by H M Revenue & Customs (HMRC) posted on 4 January, the Institute of Chartered Accountants of Scotland (ICAS)have indicated that HMRC’s assumptions regarding the incidence of inadequate business records are unsubstantiated and the costs to business of the reviews are underestimated.

HMRC estimate that each visit will cost a business around £54.  But ICAS costs this at around £560, by the time business disruption and adviser’s time have been taken into account. 

Whilst small businesses battle with the mass of Government regulation, would it not be more helpful to look for positive ways to encourage better record keeping?  One suggestion being that the first business record check for each business should provide practical advice rather than issue penalties.  Or alternatively, offer a reward for excellent bookkeeping!

If you are worried about the requirements of record keeping or want more advice please contact us at Haxton Chartered Accountants West London.

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