Published 4 January 2012

Released December 2011

HMRC is reviewing its controversial Business Records Checks (BRC) project following heavy criticism of its approach from tax representative bodies, small business groups and MPs.

Piloted in Spring 2011, HMRC plans to check the paperwork of up to 20,000 small businesses and can issue fines of up to £3,000 if records are deemed to be below par.

Further information on record-keeping is available from HMRC.

A guide to setting up a basic record-keeping system is available from the Business Link website.