We have come up with 7 simple tips to keep you on the right side of HMRC.
1. Ensure submissions are on time
Whether it be submitting your VAT returns on time each quarter, or ensuring your annual accounts have been filled within the 9 month deadline. Make sure that you meet your deadlines to avoid any fines or interest.
2. Pay your liabilities on time
As above, not only do you have to ensure that the submissions have been made but also that the payment has been sent.
3. Record expenses correctly
Be sure to post expenses to the correct category, the most common mistake we tend to find is parking posted to motor expenses as opposed to travel.
4. Be honest
We find that honesty is the best policy, do not try to claim for expenses that are not wholly, exclusively and necessarily for business purposes.
5. Record keeping
Be sure to keep copies of expense receipts to back up your claims, what’s good to know is that you do not need hard copies and some online software providers allow you to scan these to match the expense claim.
6. Try and use the business account
Where possible try and use your business bank account to pay for expenses which you are going to claim for. This helps back up the fact that these are business expenses as opposed to personal expenses. ps also this helps cut admin time of completing a P11D.
7. Seek professional advice
It seems sensible to us that for any situation you are unsure as what to do, whether you can claim for an expense or maybe you have made an error in your VAT return etc. that you should consult an accountant.
Not sure what expenses you can claim for? Missing your filing deadlines, or maybe you have made an error on your VAT return? Whatever the case why not get in touch and speak to one of our experts.
Here at BI Accountancy we are “More than just accountants”
- Business Partner – Helping you succeed.
- Growth Coach – Ensuring you grow.
- Tax Adviser – Making sure your compliant.
If you have any questions please do not hesitate to contact us.
