HMRC AND SMALL BUSINESSES

HMRC has launched a new project which will give them the power to carry out spot checks on small businesses and inspect the paperwork of 20,000 companies. This project called BRC (Business Records Check) will result in small companies having to pay a fine of £3,000 if they can't back up their tax returns. Despite this large corporate companies already owe HMRC a total of £25.5 billion. Pilot projects are already being carried out in eight areas and HMRC will also pursue any business they suspect of not being registered for VAT. It is totally ridiculous that yesterday, 13/1/12 two thirds of fines issued by them were found to be incorrect on appeal.businessgrowthnow.co.uk