Tax – records and scammers

Paul Dancey on 30/01/2012

The tax-man has the power to impose fines of up to £3,000 simply for failure to keep records correctly and HMRC is now proceeding with checks on small businesses.

As tax revenues drop in the economic slowdown it appears clear that the revenue will be going all out to maximise receipts.

To avoid panics in case of a knock on the door business owners should check they are compliant and have the relevant records accessible and up to date. For guidance as to what records need to be kept and for how long Click here.

Whilst on the subject of tax it is worth knowing that as the downturn worsens HMRC has announced a massive rise in scam emails and telephone calls over the last year- with thousands being reported each month.

Typically the recipient is asked to provide bank or card details. This can be especially risky for small businesses with overworked accounts departments. The revenue in practice never makes such requests and will generally only make such contact by post. In case of doubt businesses should not respond but contact HMRC for confirmation. HMRC also urges scammers to be reported to them to enable them to take action.

back to article index