HMRC monitor Tax & VAT to ensure you are paying enough
HM Revenue & Customs is a non-ministerial department; this makes it different from most other government departments, which work under the direct day-to-day control of a minister. The Queen appoints Commissioners of HMRC who have responsibility for handling individual taxpayers’ affairs impartially.
Too busy? Here’s HMRC in 30 seconds.
- responsible for safeguarding the flow of money to the Exchequer through collection, compliance and enforcement activities
- make sure that money is available to fund the UK’s public services
- facilitate legitimate international trade, protect the UK’s fiscal, economic, social and physical security before and at the border, and collect UK trade statistics
- administer Statutory Payments such as statutory sick pay and statutory maternity pay
- help families and individuals with targeted financial support through payment of tax credits
- administer Child Benefit
- administer the Government Banking Service
HM Revenue & Customs are responsible for making sure that the money is available to fund the UK’s public services and for helping families and individuals with targeted financial support. As a non-ministerial department, HMRC are supported by 2 agencies and public bodies.
You are required to submit your accounts to HMRC yearly, or quarterly if you are subject to VAT. Through these submissions HMRC both calculate the tax you owe (or they owe you) and make an assessment of the trust level of your business.
Inaccurate and late accounts will damage your trust rating and HMRC may decide to audit you, which can be a very difficult process. It is therefore very important to keep accurate records, and should any business not be compliant to HMRC standards, HMRC can fine you up to £3,000
Still have questions? Ready to deal with your HMRC requirements?
If you’re a small company you may be able to manage your own HMRC reporting, and we are happy to recommend this and offer training or advice.
Larger companies are likely to have extensive or complex accounts and should definitely consider outsourcing. Hammond nearly always find tax reductions and other savings, all for a low, fixed fee.