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Tax avoidance and penalties

Struggling to comply with the corporation tax bill deadline this January? Be aware the chances are HMRC will impose penalties. Currently, the late payment charges range from £100 for a 1-day delay to 10% of the unpaid amount (as estimated by HMRC) for a six months delay.

The tax compliance failures list include late filing of tax returns, late payment of tax, failure to submit a tax return or to notify HMRC of a tax liability and submitting documents with errors or inaccuracies.

Can directors be reliable?

Potentially, yes. It will depend on the outcome of the financial review. Where no serious misconduct is found on the part of directors, they can claim limited liability. However, the situation changes if there are concerns about the way money is paid out or how the business operates.

Tax evasion simply doesn’t pay

Don’t ignore any communication with HMRC. No matter what the concern, it’s simply avoiding the inevitable. The longer you wait to deal with things, the more it could eventually cost you.

If you suspect that there are issues within your company, we can assist with identifying them and create a rescue plan. We will be beside you, helping you through the process. Contact us for a free impartial consultation.

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