Business records checks

HMRC relaunched its Business Record Check (BRC) initiative on 1 November 2012. HMRC has the power to impose penalties where records are deficient. When the program was first unveiled in January 2011, HMRC intended to visit 50,000 small businesses across the UK. A year later the whole process was reviewed and subsequently suspended following concerns…

Tax and the Christmas Party

It is possible to write off the costs of the annual Christmas bash against tax, however, it is important to keep the expenditure within certain limits. Here’s what you need to do: The cost of a staff party or other annual entertainment is allowed as a deduction for tax purposes. Also, as long as the…