HM Revenue & Customs has revealed a five year business plan outlining new initiatives to help businesses and to improve commitment to transparency. According to the Institute of Directors who carried out a survey of IoD members, there is still a long way to go for HMRC to reduce the administrative burden on business.

Just under a third of the businessmen surveyed said that their dealings with HMRC would lead to them advising a person not to start up a new business. One area of taxation that has lead to this decision is the Pay As You Earn and National Insurance, which is thought to be overly complex and needs to be simplified. As HMRC becomes increasingly computerised, and continues to do so, the administration should continue to reduce for businesses.

The survey also revealed that many business owners found the taxation rules hard to understand and had difficulty obtaining the relevant information from HMRC. For many businesses this is one of the main reasons for using accountancy services, to avoid incurring penalties and late payment charges through misunderstandings of the rules. Over a third of businesses interviewed admitted that it is difficult to obtain relevant information from HMRC.

When questioned on the areas they thought that the Office of Tax Simplification should concentrate on, half said that PAYE and National Insurance while a third wanted the employee benefits system to be looked at. To avoid costly mistakes which could seriously affect your business, outsource your administration to low cost accountants who will maximise your return on investment.

The Accountancy Partnership

We are a national firm of accountants that specialise in small and medium sized businesses. We have been trading since 2006 and have more than 1,000 clients across many different industries and areas of the UK.

Our staff has a wealth of experience and qualifications from the major accountancy and tax associations such as ACCA, AAT, ICPA, IFA, FTA.

Our clients receive many benefits including:

• Unlimited help and advice throughout the year — We offer our clients unlimited ongoing support for their business. We often find that new clients have lots of questions about running a business and about how the tax system works. We have heard every possible question many times before and therefore can offer new clients the very best advice.
• Free representation in the event of a HMRC investigation — If one of our clients is selected for a HMRC investigation then we will offer representation at no additional cost. We fight our client’s corner and ensure that our clients do not pay a penny more than necessary on the conclusion of the investigation.
• Dedicated Accountant — Our clients have their own dedicated accountant in which they can contact anytime. We feel this is important because it means our accountants can get to know their clients and build good relationships. All our accountants work from our main office and we never outsource work.
• Recommendations — With every piece of work we carry out for clients we look for recommendations that can be made. These recommendations can be anything from structuring the business in the most tax efficient way to recommending an insurance quote to reduce costs for clients.
• Free business guides — When a new client joins us we send them a free business guide. These guides outline in simple terms how the tax system works along with key dates and deadlines. Most clients find the guides to be extremely useful.
• Financial advice — We have a very reputable financial advisor who helps our clients to structure their finances in a way that best suits their needs. We always look out for circumstances where we think clients can benefit from financial advice and add it to their recommendations.

Please click here for a quotation for your business. Please also feel free to contact us if you have any questions or would like further information; 0800 0430 007, info@theaccountancy.co.uk.

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Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.