Recently HMRC announced that would be extending its business records checks, after a pilot study revealed that " around 44 per cent of businesses
have problems with record keeping, while around 12 per cent have seriously
inadequate
records"
It is ulitimately HMRC's aim to apply penalties of up to £3,000 for those business who have seriously inadequate records.
So if your one of those businesses who currently throw all your receipts into a box and rely solely on an external accountant, you may want to consider investing in an accounting system to keep you compliant.
There are several good systems available depending on the type of business that you run. For most smaller businesses, taking advantage of a cloud based product would make most sense, as they don't require any specialist hardware or upfront payment, with many even offering a free 30 day trial.
So why not give it a go, as if HMRC come knocking you may just save yourself a small fortune in fines.
Link to HMRC's full Article
http://nds.coi.gov.uk/clientmicrosite/Content/Detail.aspx?ClientId=257&NewsAreaId=2&ReleaseID=421306&SubjectId=36