HMRC Correspondence Services from Online Business Accountants
Correspondence with HM Revenue & Customs (HMRC) is something many business owners dread. Not only do these kinds of administrative task absorb valuable time, but the prospect of contact can also be daunting. When you aren’t a financial expert, the idea of communicating with such an important governing body can be stressful.
- What if you say the wrong thing?
- What if you don’t understand what is being said?
- What if you miss important information?
- What if you forget to ask something crucial?
And that’s if you can even get through to HMRC. In a recent study, it was discovered that one in four calls to HMRC goes unanswered. That’s around 18 million calls per year.
Why You Can’t Avoid HMRC Correspondence
For small businesses, including sole traders, limited companies and partnerships, HMRC correspondence may be vital. While some will only hear from HMRC during tax season, others are forced to discuss important financial matters with them. This may range from account audits to the submission of year-end documentation.
Failure to meet HMRC correspondence responsibilities can result in major legal consequences, including penalties, fines and even court cases if the implications are serious enough. If HMRC correspondence is required of your business, it cannot be avoided. It’s important to be aware, however, that you as the business owner do not have to be the one to talk to HMRC.
HMRC correspondence can be covered by a representative of your company. Our team of online business accountants at RS Accountancy can be that representative.
What Our Online Business Accountants Can Offer You
Remove the stress and uncertainty from your HMRC correspondence by having the RS Accountancy team manage communication on your behalf. Our online business accountants have over a decade’s worth of experience in the industry, throughout which time we’ve handled more client’s HMRC correspondence obligations than we can count.
RS Accountancy knows exactly how to deal with HMRC. We know how it likes to communicate. We know how to get the best results out of communication for our clients. We know how to make sure your business is providing everything HMRC requires.
With our services, there is never any question of missing information or potential consequences from improper correspondence. We take any question marks out of the process and offer true peace of mind. Our team of HMRC tax advisors is highly specialised in all tax legislation, and that’s what makes us so good at what we do.
What We Can Do For Your Business
There are many different reasons you may need to commit to vital HMRC correspondence, and they can range from simple and mundane to incredibly complex. RS Accountancy is on hand to help you with any and all HMRC challenges you may face. But what sort of thing does this include?
IR35 Contract Reviews and Assessments
In April 2000, the government noticed that many IT contractors were leaving their regular employment to become self-employed. These newly self-employed IT contractors only had one customer: their original employer. So when the time came to invoice, they would simply send an invoice onto their previous employer through a limited company, or what is known as a “personal service” company. This turned out to be a pretty sweet deal for the IT contractor and the previous employer alike. The contractor was able to enjoy a lower rate of tax, while the previous employer benefited from not having to pay any Employer’s National Insurance.
Well, that is until the government introduced IR53. The IR53 is a piece of tax legislation that was essentially designed to put an end to the tax benefits of being self-employed. Since then, IR53 has fluctuated in the HMRC’s list of priorities, but now, it appears it is becoming a hot topic for the HMRC once again. If you have a limited a company and only have one customer/client, you might fall prey to IR35 investigations. Don’t fear, though. We’re here to help manage communication with HMRC and ensure you stay on the right side of the law.
A P11D is a form that has to be submitted to HM Revenue & Customs. The form is for employees — both directors and non-directors — who have received a taxable benefit from their company. This could apply to one person in a company or to anyone who has been paid any expenses. Here are some things that can be classed as a taxable benefit:
- A company car
- Private medical care
- Employee vouchers
- Interest-free load
- Travel and subsistence (excluding mileage allowance)
The P11D form is in addition to your normal personal tax return. This documentation must be accurate and properly submitted for your business to benefit. Due to the nature of claims, it may be something HMRC contacts your business about in terms of financial auditing. Our online business accountants can not only discuss the form with HMRC for you but help you put it together as well.
These are just two of the many ways we can help you with HMRC correspondence. RS Accountancy online accountant services offer comprehensive solutions for your business. Contact us today to discuss your individual needs and let us build a bespoke package that’s right for you.
RS Accountancy is here to support your small business goals. Our expert Leeds-based accountants service the entire country, helping you manage your financial responsibilities and grow your business.