The Inland Revenue will first launch an enquiry into your UK tax affairs. This can be both on a random or targeted basis and is a review intended to audit your tax affairs and claim any taxes that were not paid. If however HMRC discover deliberate fraud and/or tax evasion then the enquiry could become a full blown tax investigation. This is very serious and could lead to criminal charges.
Tax Compute can offer detailed professional advice and try to mitigate the outcome of investigations as much as possible. However our advice is always to be 100% above board and ensure that your tax affairs and records are accurate and compliant.
If the letter arrives from HMRC call us immediately and we will handle all the investigation for you
We carry out an analytical review and quality checks before submitting your tax return. We ensure compliance and timely submission.
Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization's strategy.
The VAT return shows the calculation of the amount of VAT due on sales minus the amount of VAT reclaimable on purchases. The result is the amount payable to HMRC.
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation
Within a company, payroll is the combination of all of the financial records of their employees' salaries, wages, bonuses and deductions. In accounting, the term payroll signifies the amount that has been paid out to employees for the services they have done for the organization within a certain period of time
Corporation tax is a tax placed on the taxable profits of limited companies and other organisations such as clubs, societies, associations, and unincorporated entities.
You can register online with Companies House if your company is limited by shares and uses standard articles of association (known as 'model articles'). Otherwise, you must use a different method of registration. Your company will also need to register for Corporation Tax within 3 months of starting to do business
Working outside the scope of IR35 and knowing what is claimable are the two most important issues when freelancing or contracting.
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