The Liverpool tax office has sent letters informing businesses that were part of a mandatory pilot scheme in March that they could be visited by inspectors to check whether they had improved their record keeping after a first visit from the inspectors.
The businesses involved in the scheme have been informed of the specific areas that need to be improved. Some of the recommendations include issuing sales invoices with consecutive numbers, keeping a drawings record, a mileage log being maintained and business records being written up at least once a week.
A spokesman for Abbey Tax said that help in educating SMEs about maintaining records is welcome. He also suggests that the initiative may not be fair and suitable for the SME to comply with, but the HMRC is yet to respond to the consultation.
SMEs therefore need to review their record keeping processes and where necessary, improve areas of concern or look for help where in-house skills are limited.
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