HMRC Drops Business Record Check

HMRC has decided to shelve its “Business Records Check” which sees small businesses subjected to spot checks of their paperwork and fines of up to £3,000 for keeping “poor trading records”. John Cassidy, tax investigation partner at accountancy firm PKF, said: “The scheme was fundamentally flawed and has taken up a lot of everyone’s time for little discernible benefit. HMRC should have started consulting on this back in 2010 before this was launched.”