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Business Record Checks

  • Member PM.Dip
  • Practice Licence
  • 117 posts
  • # 73173

Not had any experience yet, has anyone else?

HMRC summarised responses to a consultation recently:
http://tinyurl.com/3n4op64

In it they quoted a document from 2008:
"in 40 per cent of cases enquired into at random the records examined were considered inadequate."

That is a HUGE need for good bookkeepers!  An excellent selling point for our services!

On another note, they list the stakeholders consulted at the end and ICB aren't there (nor IAB).  Surely as BRCs are all about bookkeeping the ICB should be involved?  Were they not invited?

Regards

Andrew
Peasie
  • Member PM.Dip
  • Practice Licence
  • 481 posts
  • # 73178

So if your return doesn't need to be completed until 31st January in the year following your financial year what records need to be up to date for a Business Record Check? I agree this will probably be good for bookkeepers I'm just not sure what legal basis they have for making you have up to date records when a lot of people will only be keeping records for HMRC anyway. What am I missing here?
Peasie
  • Member PM.Dip
  • Practice Licence
  • 481 posts
  • # 73182

James @ ICB said:

“Hi Peasie,

Did you see my second link, its not all about up to date in terms of final accounts or anything, more just keep receipts, paying in slips, asset register etc, rather than some who loose them and sort it out at the end of the year (or don't).”
But how are they going to know if all the receipts are there or not until the end of the year? The only folk this will affect are the ones that would be found out at year end anyway. I think it is a waste of resources. Good for bookkeepers if it scares people into getting things done more regularly but as a tax payer a waste of my tax money.
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