HM Revenue & Customs (HMRC) has announced an extension of its Business Records Checks programme. Business Records Checks were piloted earlier this year in eight key areas, and involve checks on the adequacy of small and medium-sized enterprises’ business records.

The pilots found that around 44 per cent of businesses visited had issues with their record-keeping, while around 12 per cent of those visited had seriously inadequate records.

If your child is employed by your business while in full time further education, they could be earning £15,480 per annum tax free as an employee scholarship as well as their personal allowance of £7475.

VAT rule-breakers have until 30 September to register to pay what they owe under an HM Revenue & Customs (HMRC) campaign. The new campaign focuses on individuals and businesses trading above the VAT registration threshold – a turnover of £73,000 – but who have not registered.

Taking your business down the insolvency route should always be a last resort. Frances Coulson (pictured right), President of the insolvency trade body R3, has shared her top ten tips on how your business can avoid insolvency.

The Association of Revenue and Customs (ARC) has described last week's disclosure of HM Revenue and Customs' detailed plans for the next few years, which show a crackdown on evasion by small and medium-sized businesses but fewer resources to tackle avoidance by multi-nationals and the wealthy, as letting big businesses 'off the hook'.

What is an Independent Business Review?

SMEs with company car fleets need to advise their administrators and drivers that H M Revenue & Customs (HMRC) has updated its advisory fuel rates (AFR) for company cars with immediate effect from 01 March.

The new AFR rates, for all mileage undertaken from 01 March, in most cases sees the amount rate per mile rise by 1p per mile for petrol, diesel and LPG-fuelled company cars.

HM Revenue & Customs (HNRC) is planning to launch a clamp down next year on over two million small and medium sized businesses that keep poor records. They say that 40% of all SMEs keep poor records and are likely to owe tax.

In the second half of 2011 their Business Records Checks campaign will aim to tackle 50,000 of the worst case and impose fines for "significant record keeping failures" in addition to collecting any tax due.

IR35 is the UK tax legislation preventing self-employed individuals avoiding tax by setting up a personal service company to conceal employment. HMRC do not offer a precise definition of employment meaning a grey area exists in determining an individual's employment status.