Ignorance is no longer bliss

Sole Trader?
Make sure you know which records to keep and make sure your records are up to date. HM Revenue and Customs publishes a good guide aptly named, “A general guide to keeping records for your tax return”. Download, save and refer to it regularly to make sure you are aware of your responsibilities. Ignorance (in an age of accessible information) will not be accepted as an excuse when the Tax Investigator comes calling.

Have you just registered a limited company?
The CT41G form is issued by the HMRC to newly registered companies. HMRC gets notified by Companies House and uses the information obtained to set up a record and allocate a Unique Taxpayer Reference (UTR). Note that when you set up a new company or organisation that’s liable for Corporation Tax, you must notify HMRC within 3 months of starting business activity.

Running a club, society, voluntary organisation or any such unincorporated organisation?
Please speak to us about your legal and financial reporting obligations. You might be liable for corporation tax if your new club starts business activities.

About Phoenix

Accountant | Tax Specialist | Dreamy Entrepreneur | Blogger


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