Tax Advice to business

Small or medium sized businesses (SME) are being warned that they could receive a telephone call from Her Majesty’s Revenue & Customs (HMRC), but not to fear as help is at hand.

Business Record Checks (BRCs) are being carried out and HMRC is making 10-15-minute phone calls focussed on record keeping to check how well you are maintaining your business records. Based on this discussion, HMRC will either decide to conclude the check or escalate it for further investigation.

Turner Peachey, who have a branch in Welshpool, warned businesses earlier this year that the Business Record Check initiative was placing a burden on SMEs and reported their subsequent suspension by HMRC whilst it undertook a strategic review of the process.

Whilst the company questioned whether the suspension actually took place, it has been widely reported that since November 1, HMRC has officially relaunched the checks.

But help is at hand and Turner Peachey is advising local businesses to get in touch.

“Turner Peachey can support businesses before, during and after a BRC,” said a company statement. “Before, we can carry out an examination of your records and give you a report setting out any improvements that are needed. During, we can help you through the BRC process and accompany you to any meetings that HMRC request. After, we can offer insurance to protect you against any fees that may be incurred from a BRC leading to a compliance check and advise on maintaining records that will satisfy HMRC.”

For further information on how Turner Peachey can help to minimise the effect of BRCs on your business, call 01938 552078, visit www.turner-peachey.co.uk, email enquiries@turner-peachey.co.uk or message on Twitter @turnerpeachey.