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Monday January 17, 2011 Dear ReaderHow good is your record keeping?
HM Revenue & Customs has published a consultation document on business record keeping within small and medium sized organisations. Exciting I hear you say. HMRC estimate that 40% of small and medium sized businesses have poor record keeping which results in lower than required tax being paid over and they're not happy about it. The consultation process for a new system of business records checks began just before Christmas and runs to the end of February 2011. HMRC will be running workshops in February on the process, the bottom line of which appears to be larger and more frequent fines for poor business record keeping. We've uploaded a copy of the consultation document to the Resources page of our website and it can be accessed by clicking here. If you'd like to learn more about the record keeping expected of you and your business, then here's some guidance from HMRC. Is Your Tax Return Under Control?As you will likely know, self assessment tax returns need to be filed and any tax owing needs to be paid by 31st January 2011 for the 2009-10 tax year. In addition, if you are required to make a payment on account towards your tax bill for 2010-11 this will also need to be paid by 31st January 2011. We get asked a number of questions about the tax return and tax payments processes so we've put together some answers to the typical questions and hope they help. They can be found here. |
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