HMRC
It’s incredibly rare for anyone to get excited when a brown envelope from HMRC lands on their door mat. Even those of us who deal with them every day have a similar sinking feeling when we see one!
There are some things that you can do to limit the risk of unwanted attention from HMRC though, and that’s a large part of what we do.
We’re by your side, on your side, working with you to make sure that you’re kept off HMRC’s radar wherever possible, to minimise the chances of those unwelcome letters arriving.
There are some basic steps that we’d always recommend:
- Don’t miss filing deadlines.
- Don’t let payment due dates pass without making payment or contacting HMRC to arrange a payment schedule if you can’t pay in full.
- Operate separate bank accounts for your business and personal affairs, even if you’re a sole trader.
- Keep your bookkeeping records up to date and keep them for the required full six tax years after the end of the period to which they relate. HMRC won’t necessarily want to see the originals, so usually electronic copies are fine.
- Be sure you can substantiate all claims and reliefs that you might apply for.
This section of our Info Centre covers all sorts of aspects of HMRC contact and information, from fee protection and why we feel it’s essential, through to making your tax payments and HMRC announcements. Please be sure to check back often as there are always changes and tweaks to be aware of.
If you’re unsure or uncertain of anything to do with your tax affairs, whether personal or business related, please don’t hold back. Get in touch with us, or another advisor, but please don’t ignore any worries you might have.
In our long experience of helping clients deal with their taxes and liaising with HMRC on their behalf, it’s always been better to get issues resolved than to hope they miraculously go away. They rarely do and can often get worse before getting better!
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Can I just say we are so pleased that we have moved to Baranov Associates. As we discussed when you visited, we had to find a way to take the stress out of all of the financials and you’re doing that for us! We can see how to use Xero more efficiently and so with us being as on top of it as we can be and with you and Liz we feel a lot more confident about our business being in good shape.
Mrs S James, Sandbanks Capital Partners Limited
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