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A trader getting his paperwork in order for his tax return

Getting the record keeping right: saves cash

HMRC highlights benefits of proper record keeping

“FOR those who won’t get their tax affairs in order, we’ll be investigating their businesses.” Stephen Banyard, director of HMRC’s Business Customer Unit.

THE taxman has a clear message for small businesses and traders. Get your tax right and we’ll provide help when times are tough; but we’ll investigate those businesses that bend the rules.

“We are going to focus on those businesses that need help; and those who want to bend the rules,” said Stephen Banyard, director of HMRC’s Business Customer Unit, at a ‘Supporting Small Businesses Partner’ conference in London yesterday (March 01).

“For those that get their tax right, we’ll give them more time to help when necessary, for example during short-term cash-flow problems,” continued Mr Banyard.

“For those who won’t get their tax affairs in order, we’ll be investigating their businesses.”

This blunt warning came as HMRC (HM Revenue & Customs) announced its support for a new TV series called The Business Inspector, a new four-part series to be broadcast weekly on Five at 8pm from March 17, 2010.

“We know that most small businesses want to get their tax right,” Mr Banyard commented on its support for the programme. “But we also know that failure to take reasonable care cost the Exchequer over £6bn a year, with a major cause being poor record keeping.

“We also want small businesses to realise the benefits to them – such as improved cash flow – of taking better care of their records and paperwork.”

The Business Inspector is presented by Hilary Devey, chief executive and chairman of palletised freight distribution business The Pall-Ex Group. In the four part series, Ms Devey goes into struggling businesses and reveals how improving their business systems, such as keeping good records, managing cash flow and developing marketing strategy, can help turn around their fortunes.

The sponsorship has cost the HMRC £370,000.

Further information

You can read further commentary on HMRC and additional comments from Stephen Banyard in the Editor’s Blog on our sister Business Car Manager site: Good record-keeping makes a good business.

If you want more help with your tax, then go to Businesslink.

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