Why good record keeping is critical
Companies are subject to strict conditions when it comes to the records that must be kept, both in respect of the company itself and its financial and accounting information. Failure to keep accounting records can lead to a £3,000 fine and/or disqualification from acting as a director. Good record keeping should be a priority for any company director. Use the information here as a reference point for what you need to be keeping.
How long does HMRC have to start an enquiry?
HMRC’s enquiry deadline is one year from when you submitted your tax return unless that was after the filing deadline. In that case the enquiry deadline is one year from the end of the tax quarter, e.g. if you submitted your 2018/19 tax return on 1 May 2020, it’s 31 July 2021.
HMRC and help available re payroll
Getting payroll information right: This webinar shows you how to provide accurate information to HMRC and avoid common payroll mistakes.
Employer filing obligations: When and how to send your Full Payment Submission (FPS) and Employer Payment Summary (EPS).
Payrolling – tax employees’ benefits through payroll: HMRC will show you how to register for payrolling and what happens once you’re registered, as well as how to report the expenses and benefits you provide to employees or directors.
For more help with when and how to pay PAYE watch this short video on HMRC’s YouTube channel.