Recent changes in HMRC policy has highlighted the need for small and medium sized businesses to keep accurate and up to date business records . They intend to visit 20,000 small businesses a year and conduct Business Record Checks (BRC) . A £3,000 fine can be imposed where the business record keeping is clearly not good enough. Another, and more likely, consequence, is the increased risk of your business being selected by the taxman for a full tax investigation after a BRC visit (after all the taxman now knows your weak areas!).
Client of Blue Skies?
Blue Skies are specialist TV, media and creative arts accountants. But do remember we do so much more as well.
We understand what records you have to keep and why. Our simple way of working is that you send everything to us and we maintain all your business records for you.
Once we have completed your accounts we return all the files to you. You simply have to keep those files safe for 6 years before destroying them.
By using a Blue Skies accountant, you can focus your energies on all of the other responsibilities you have, while we take care of the bookkeeping side of things. Our skilled media tax professionals understand your industry and what are your allowable expenses. So you can be sure that you’re only claiming for items that are allowed by HMRC and in the correct proportions regarding business and personal use.
Your Blue Skies accountant will also keep your records totally current, so in the event of a visit from a BRC inspector, you can be sure that your records are completely up-to-date and ready for inspection. Our tax professionals for media understand that when running your own business there are a lot of different financial and accounting elements that you need to keep on top of, such as income tax, VAT, capital gains tax and perhaps PAYE if you employ other people.
So our simple system means there is no need for you to worry about the taxman’s BRC visits. Simply make sure that you keep the files that we return to you safe.
Not a Client of Blue Skies?
Firstly, why not give us a call to go through what we offer and how you could benefit?
But just for some general reading listed below are the things that the taxman will look at during a BRC visit.
They will initially look at the last 3 months of your records. So they are interested in how up to date your record keeping is.
All your sales invoices (must be numbered consecutively and show what work has been done and when).
Business bank account statements.
Paying in books
Unless you’re sure that your bookkeeping is being managed properly, it’s a good idea to talk to a Blue Skies accountant as soon as possible with a view to letting us take this weight off your shoulders. You can give us a call on 01767 699 996 or contact us via the link.
To find out more about our services and how our media tax professionals can help, take a look at our bookkeeping page.
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