The HMRC is also known as the ‘Her Majesty’s Revenue and Customs’ is one of the most important departments of UK. This is the department which is responsible for the collection of the taxes and also the maintenance of the same.
It deals with the tax collection and makes sure that no one who should be contributing, has by any means cheated on the same. If somehow people manages to cross that line and cheat on the taxes then there are consequences that one needs to go through.
The HRMC should be dealt with seriousness, and one should make sure that if they do want to be safe from the negative impact of the HMRC, then they should have a checklist made which they will follow seriously.
The Checklist To Check With:
The following checklist is for anyone who owns a business and does not want the HMRC thirsting for their heads:
Checking With The Employment Tax:
- The deduction of the National Insurance Contributions from the salary of the employees, once they manage to earn a certain amount of money is extremely necessary. If one is not much sure, they can find out about this from the website and then do it but on time.
- Always make sure that the regular form returns are done on the exact time. Each year by the 19th of May all should be cleared. Also, make sure that the P60s are very much issued to the employees by June 1st and that too to the employees who deserves them. Also keeping a check on the tax of the cars of the company is very important.
There are various responsibilities which depend on the factors like sickness or the maternity and also not to forget the other special benefits. These should be kept in mind.
Checklist For The Business Tax:
- Registration for the tax should be done on starting up only with no possible delays at all. If not done within the time period of three months from the starting up then the penalty is totally unavoidable.
- Deciding on the factors before registering for the VAT is an extremely smart option. One needs to decide on when to register for it exactly. They have to decide to whether to quit charging the VAT from the consumers to get a good fame for the business or otherwise. Whatever the situation is maybe, once the apparent threshold is reached by the turnover then that is that. One has to pay the taxes.
- The VAT rules are better by heartening. One should remember that the payment of timely tax can be more than profitable to them.
- Also, the tax depends on the kind of establishment one has. They may get charged for the corporate tax, judging from it. One needs to complete the process of their return and then pay it too. And this should be done without delay.
Checklist For The Personal Tax:
The following is the checklist one should follow:
- Filing the tax returns and paying them should always be done on time without delay.
One must always remember that there can be an error made by anyone. They should necessarily make sure to check on the tax bills thoroughly.