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Taxman to stop spotchecks
In a move that will please painters and decorators around the country, the taxman is calling it a day on the unpopular practice of conducting spot checks on small businesses.
HM Revenues & Customs (HMRC), the body in charge of collecting taxes, carried out a review of its spot check scheme, called 'Business Records Checks', and found that it was poorly targeted and was raising less money than it was predicted it would.
Spot checks have been criticised by many, with politicians and business groups complaining that small business owners were being unfairly "harassed and mistreated" by tax collectors who turned up on their doorstep unannounced.
From now on, HMRC will have to let bosses know in advance if it will be visiting them to check their financial records. What's more, tax collectors will only target businesses considered to be 'at risk' of keeping inadequate records for visits and will only be able to fine them if the bad bookkeeping actually leads to incorrect tax returns.
For more information, see http://tgr.ph/yu49dL
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