Keeping under HM Revenue and Customs’ radar is always a good idea and running your business effectively and taking professional advice is the key way of doing this. However, people do get caught out from time to time with things they had not envisaged or did not think were important.
Ian Tongue examines the common areas that can be overlooked and which can lead you to being caught out by the taxman.
HMRC now has the power to fine businesses which it feels have kept inadequate accounting records.
It does not explicitly state what ‘adequate’ is, but it can be broadly interpreted as a record-keeping system that is complete and accurate and kept up to date on a timely basis.
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