The HMRC has implemented late fees and charges to those businesses not able to complete their accounts in the required time frames. A late submission or missed payment could essentially mean the difference between still having your business and watching it slip through your fingertips.
The HMRC wants to promote good tax practices and encourages all businesses to follow suit through the use of punishment if they don’t. The penalty system should in theory prevent a penalty from needing to be applied as all businesses are well aware of the charges they will incur on missed payments.
As a whole, no one likes getting fines, whether it is a tax penalty or a parking charge. Receiving a penalty can sometimes feel unfair as no one knows your personal circumstances as to why you missed the payment, but so it is fair across the board, a rule is a rule and all must follow. The same goes for you and your business.
Coleman and Co can offer all businesses, small to medium and even those in the medical industry, reliable accountancy services so that you never miss a HMRC deadline again. With this taken care of you have no worries with your finances and can rest assured knowing you are following the guidelines set out in the first place. Through active accounts preparation, bookkeeping and tax management you can get exactly what your business needs all in one place. By acting on your behalf we are able to monitor and arrange your HMRC documents including:
- Income Tax
- Stamp Duties
- Corporation Tax
- Inheritance tax
- Capital Gains Tax
- Excise Duties
- Many more
At the moment the HMRC are taking part in a consultation period, ending on November 7th 2016, to make tax digital and create a penalty system that works. This consultation period essentially is going to make penalties applicable to those who need them, and assist those who make small mistakes every now and again.