[Dean Taberner]

Hi all,

Are you all prepared for this?

http://www.simplybusiness.co.uk/knowledge/articles/2012/01/2012-01-05-hmrc-readying-spot-checks-what-you-need-to-do/?ref_id=ENEWS_TR_0211

Cheers,

Dean

[[GQC] Tim]

Can't say that I'm worried as my records are fine.

Although I highly doubt the HMRC is going to be knocking at anyones home. 20000 small businesses excludes the vast majority of us.

I answer the door in my PJs and I have to let them in, I somehow highly doubt that. If they want to come back the next day fine, but I don't think there is any legal obligation to let HMRC into your house. You can even refuse entry to bailiffs if I remember correctly. I'd advise against doing so, but just trying to highlight there is probably some law somewhere that prevents that.

After a bit of research it seems that it's about business premises?

"HMRC will literally be able to walk into any business and demand to see their invoices, receipts, PAYE and VAT records and so on. And remember, they can go back six years in the case of a business that has been around that long."

[Inside Out]

My accountant offers a small insurance incase this happens. Will cover all costs which am told can go into the hundreds of pounds for a small business. Might be worth asking your own accountants too.

[Steve_c]

If your a FSB member then your covered.

[mlscontractcleaner]

An insurance policy to cover badly organised accounts, or even none at all???

Blimey, if I knew that I wouldn't have bothered about keeping mine up to date

[AS Window Cleaning]

window cleaning CAN be very distressing!

my accountant does same, as he looks after my accounts it's all in order anyway. but he will deal with all the paperwork and dealings defending me. that's if I had it!

[William McCafferty]

I have mentioned this was going to happen over a year ago, the revenue have been ordered to make or collect several £ billions and in 2011 they went with the new trial, they were surprised to find that loads of honest small businesses were making mistakes, and these mistake can be imposed fines and interest payments.

That is why the goverment is going with it, if they don't then they will be short of a lot of money from their budget

[Inside Out]

An insurance policy to cover badly organised accounts, or even none at all???

Blimey, if I knew that I wouldn't have bothered about keeping mine up to date

Not quite. To cover everybody's time, and loss of earnings!