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Small Firms Face Fines For Poor Book-Keeping


RichL

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A heads-up, via my accountant:

HM Revenue and Customs (HMRC) plans to target up to 50'000 small business to ensure their book-keeping is up to scratch, with fines of up to £3'000 if any problems are uncovered.

This seems to contrast with a "light touch" approach which has been adopted towards small business in other areas, for example mistakes arising from the recent change in the standard rate of VAT.

The 2008 Finance Act gave HMRC the power to launch these investigations and it is set to begin doing so in the second half of 2011.

Originally said by Charles Babbage
On two occasions I have been asked [by members of Parliament], 'Pray, Mr. Babbage, if you put into the machine wrong figures, will the right answers come out?' I am not able rightly to apprehend the kind of confusion of ideas that could provoke such a question.

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she hates it, it's chaos apparently if we didn't already know.

It's not even that good. neighbour works there, was in debt recovery. apparently 5 cases paying up, no matter how small, and management think its cause for celebration.

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Exactly how small do these firms have to be?

it doesnt say in the article, I imagine HMRC will have their own definition for small business though.

Originally said by Charles Babbage
On two occasions I have been asked [by members of Parliament], 'Pray, Mr. Babbage, if you put into the machine wrong figures, will the right answers come out?' I am not able rightly to apprehend the kind of confusion of ideas that could provoke such a question.

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