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

Time to tighten the belt ?

Later this week (27 October 2021) Rishi Sunak will present his second budget during 2021. It is likely that reduced public expenditure and higher taxation

Read More »

New global tax system

To tax multinational companies on business transactions completed in the UK, our government introduced the Digital Services Tax (DST) April 2020. The US response was

Read More »

Related News

Tax Diary October/November 2021

1 October 2021 – Due date for Corporation Tax due for the year ended 31 December 2020. 19 October 2021 – PAYE and NIC deductions

Students are warned of tax scams

University students taking part-time jobs are at increased risk of falling victim to scams, HMRC is warning. Higher numbers of students going to university this

Data easing for the UK?

In a recent press release issued by the Department for Digital, Culture, Media and Sport, with the leading title “Unleashing Data’s Power”, it was announced:

Quick Links

Web + SEO - LoudCrowd