HMRC have announced they are targeting restaurants in London for undeclared income. This is not the first detailed examination but it can be very disruptive even if nothing is found.
The fact that HM Revenue Customs (HMRC) is about to embark on 50,000 Business Record Checks (BRC) a year from this July has already been widely flagged – as has the fact that SMEs could be fined up to £3,000 for failing to keep good business records.
HMRC is conducting this programme of reviews to ensure business owners keep full and complete records, so that accurate accounts are prepared and declared on tax, vat and company returns. Based on how HMRC undertakes current visits to check PAYE and VAT records, we expect that typically a letter will be sent asking the business owner to get in contact within 10 days of the date of issue of the letter, to arrange a convenient date and time for an officer to visit.
We offer a fully integrated book keeping, payroll VAT and accounting service. This is all done on line as you scan your documents to us and we process and report back to you. At the year end we prepared the accounts, if necessary an audit and compile the tax returns. You will receive a year end full report which will include all your records in an electronic format. This makes storage and access much easier without taking up space. Contact us for a quote.
For fresh ideas, new possibilities and a value driven service go to Garside & Co LLP Chartered Accountants in London.