Cracking down on tax avoidance has become a clear focus for HM Revenue & Customs (HMRC) in recent years. And with the creation of 27 new HMRC taskforces for specific industry sectors, the chances of your business going through the process of a detailed tax investigation are higher than ever.
As we mentioned back in October, many small and micro businesses are nearing their staging date – the date by which your workplace pension scheme must be up and running. And this means there’s a real imperative for getting your payroll software and systems up to speed to cope with making pension contributions.
Between 2015 and 2017, over a million small and micro business will be reaching their pensions auto enrolment staging date – in fact it’s a staggering 51,134 companies per month.
We’ve already mentioned the need to Payroll auto enrolment upgrade your payroll system if you’re going to meet your business’s staging date. But, even at this late stage, there are still many business owners and micro businesses that don’t seem aware of the need to comply with their auto enrolment requirements.
Getting ready for your tax year-end can be something of a pain – and you’ll no doubt be acutely aware of this fact as the January tax season looms large!
There’s the paper work to rifle through, the past 12 months’ bank statements to find and a huge pile of paper receipts to wade through before you can give your accountant the information they needed.
But it doesn’t have to be this way.