In further steps to clamp down on tax avoidance, HM Revenue & Customs are planning to implement a penalties system for those who have failed to correctly notify them with regards to Tax or VAT. This will not only apply to those who are intentionally trying to avoid paying tax or VAT but also those who have been careless with their figures.
HMRC Failure To Notify Penalties
VAT Registration
As you may know, currently the law states that companies only need to register for VAT with the HMRC where their turnover is greater than £68,000 pa (£70,000 from 1 April 2010). Clearly there may be circumstances where a change in the success of the company means that the business quickly finds itself operating with a turnover near or at that level. Going over the limit means a company is required to register. In this situation, failure to do so within 30 days could now lead to a penalty. There are a number of benefits of voluntary VAT registration even when operating below this registration level. Clearly avoiding penalties is another good reason.
Using our online VAT Registration service means you can ensure that your company is properly registered with HMRC and our service is even tax deductible!
TAX Registration
Making sure your company is correctly registered for corporation tax is another essential part of working well with the HMRC. Avoiding penalties and paying what you are required, when necessary will mean you can run your company without hassle or worry. Because not everyone knows what is required in terms of corporation tax we provide an excellent accountancy service providing for your needs and helping you get on the right path.
PAYE Registration
Paying employees via PAYE is another area you may well interact with HMRC. Helping you to meet all the requirements placed on you, our Payroll Service not only helps you properly register, but provides for a number of other services with regards to paying employees. Easing the burden on you and allowing you to get on with the important business of running your company.
Being Tax Efficient
Remember that The Company Warehouse is here to help you get the most out of your new company. Setting up with us, means we can provide you with legal and tax advice to help you run a tax efficient business. Our recommended account – Pinnacle Accountancy, is there to help with a wealth of accountancy services. Meaning you can ensure your company functions within the boundaries of the law, avoids any unnecessary fines or penalties, but still retains a tax efficient nature.
Contact one of our business consultants today on 0800 0828 727 or follow the links in this article.
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