HMRC published a Consultation Paper on 17th December announcing that they intend to start a programme of Business Records Checks (BRCs) that will review both the adequacy and accuracy of business records within the SME sector. Closing date for comments of 28th February 2011, but the programme of checks will happen starting in the second half of this year with HMRC projecting 50,000 reviews annually for the next 4 years. The Consultation is merely concerned with how to implement the programme.
Additionally, the BRC programme will be accompanied by a tariff-based penalty regime for failure to keep proper records. The implication is that some level of penalty will be charged, the question is merely how much. Orange & Gold will continue to update its clients as further information becomes available through 2011.