HMRC steps up pressure on SMEs

You may have noticed posters such as the billboard below or radio and online adverts that have sprung up in all sorts of places this November.  HMRC have launched a campaign declaring they will "relentlessly pursue those who don't pay all the tax they owe, from financial penalties to criminal conviction".



Small and medium sized companies would appear to be a target for HMRC investigation,  an extra tax yield from compliance investigations jumped by 39%  last year.  HMRC themselves have stringent targets to meet and revenue from investigation into small companies goes a long way to meet this.

In addition to traditional areas such as PAYE and VAT it appears that HMRC are looking more closely at less obvious areas such as corporate entertainment and employee benefits such as company cars, private healthcare or company subsidised fuel costs.

By choosing Tempo Accounting you know you'll have the support you need.  If you have any questions regarding the types of expenses your business should be claiming or you have a general query regarding company tax then please get in touch.