A key requirement in any business is the provision of information to external agencies, including the government and regulatory authorities. Failure to do this can lead significant problems for the business owners.
CIMA qualified accountants report compliance and tax information to government and tax authorities as required.
PQR was a husband and wife partnership who created wonderful websites for their numerous clients. They had a good bookkeeper who updated their records on a regular basis and did their VAT returns but they did not look at the information produced.
Their situation suddenly became desperate when the HMRC presented them with a £60,000 tax bill, followed quickly by a large penalty and a further tax bill.
They engaged a CIMA qualified accountant who quickly established that:
Their CIMA qualified accountant helped them to work out a payment plan with the Revenue so they could move forward. They are now a limited company under much better financial control with a far reduced annual tax bill – and no penalties.