Ring in the changes, or else

There are a number of obligations that business owners should be aware, that involve them informing HMRC of changes to their business circumstances. In some cases, failure to comply may result in fines.

We have paraphrased some of occasions when you will need to advise HMRC:

 

If a partner dies or becomes bankrupt you must:

 

  • If there are 2 partners, the partnership will be automatically dissolved. The remaining partner must re-register for Self-Assessment as a sole trader.
  • If there are more than 2 partners, the partnership will be dissolved unless the partnership has agreed otherwise.
  • If the nominated partner dies, the partnership must nominate another partner and tell HMRC as soon as possible. If they don’t, HMRC will nominate one and write to the partnership. That partner must then complete any outstanding partnership tax returns.

 

Additionally, if you start to employ staff you must register as an employer with HMRC.

VAT imposes a number of obligations. You will need to advise HMRC of changes to your turnover, businesses activity or if you become a member of a VAT group, and in most cases, you must tell them, within 30 days of the change.

Readers who are clients can be reassured that will do this for them (as long as we are given the facts). If you are concerned that you may have changes to disclose, please call and we will deal with this for you.

Share:

Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
Accounting in Sheffield and Doncaster Certificates

Recently Added News

Challenges for 2021-22

The new tax year starts 6 April 2021, and without dwelling too much on the historical trickery that has landed us with this odd commencement

Read More »

Related News

Recently self-employed?

If you became self-employed after 5 April 2019 and you have submitted your 2019-20 tax return before 2 March 2021, you may be eligible for

Super-deductions, what are they?

Perhaps the most innovative give-away in the recent budget was “Super-deductions for investment expenditure”. What does this mean? Companies that invest in qualifying plant and

Quick Links