latest informationLatest information, or rather - 'aargh!! The Revenue!!'

Record Keeping

The Revenue has announced that they are going to begin to target small and medium businesses to check into their record keeping. They are hoping to raise £600 million over the next 4 years through penalties issued.

The Revenue has stated that they will be using risk assessment to target specific industries, in particular those that deal with cash, to check that their records are complete and accurate.

To make sure that you avoid any penalties, you should make sure that you have records to back up your income and expenditure and always keep copies of everything. These can be electronic copies, if you prefer to keep your paper levels down. This includes anything you submit online to the Revenue.

For further information or a review of your records, please This e-mail address is being protected from spambots. You need JavaScript enabled to view it. , as the Revenue have said they will impose penalties for poor record keeping, even if there is no extra tax due!

The Business Link website has a useful tool for working out what records you should be keeping.  The Revenue has also issued a guide to what they consider to be adequate record keeping.  Their website is http://www.hmrc.gov.uk/record-keeping/index.htm