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Accounting for Business with HM Revenue and Customs, Inland Revenue

By Terry Cartwright

Republish: EasyPublish™
Published: 15Apr2009
Word count: 636
Viewed: 320 time(s)

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The Inland Revenue tax authority has been around since 1665 and until 2005 was a direct taxation department where in all the matters with regard to taxation and its various policies were resolved by the British Government. Income tax, national insurance contributions, corporation tax, revenue and stamp duty along with all kinds of capital gains were collected by them and income tax payers used to keep a healthy relationship with the organisation as it proved to be a boon for them and their customers.The Inland Revenue merged into HM Revenue and Customs in 2005.

Accounting for business and ensuring that you and your business always declare your revenues to the organisation which is now HM Customs & Revenue, and always paying your personal national insurance, is a necessity as is setting up a good accounting structure within your business. It is truly good practise to always update your books with latest changes occurring in accounting, in addition to the usual you expect to have to record such as payroll, net and gross pay, expenditure etc. The Inland Revenue tax office and employers helpline provides information with regards to all its policies which both you and your customers need to know, but getting into accounting and managing them well now will set your standards high even if you are just starting up your business.

The Inland Revenue is responsible for the payment of working tax credit, child benefit and child tax credit. As a payer of national insurance, you may already be fully aware of the Inland Revenue, or HMRC, and some of their processes but things certainly change when you are setting up or expecting to launch a small business, so set your high standards and familiarise yourself with the organisation and their requirements in advance of accounting deadlines. When the Inland Revenue merged with customs and excise in 2005 they took on new authority in supporting you and your business and learning the processes that you are expected to be able to follow whilst your business is young is one of the best recommendations on offer.

You can build your business and run it smoothly by taking advice offered by the HMRC simply by utilising a wide range of services like the electronic service where you are able to take in completed business forms, income tax returns and other accounting reports to be checked for no extra cost - this is generally a service which is offered to businesses and self-employed workers that hand in the paperwork early and want to sort out their income tax, national insurance or tax accounting issues with the least hassle. If you are a self employesd start up business, then you would not be required to register for paye or conduct payroll until the business takes on its first employees. Inland Revenue teams can be contacted for general questions or to offer support regarding payroll, paye employee and tax and accounting issues should you need them. There are, indeed other organisations that can answer your questions your accountant is best placed to assist you, especially where you have a question directly associated with your business such as national insurance or wage issues, as they have experience of your accounts and are aware of the size of your business etc.

HMRC, the Inland Revenue tax office offer a comprehensive online service where you are able to make direct payments of vat customs invoices, declare latest payroll figures or you can simply go online to discover more about the accounting support they can offer you helping you and your business to achieve goals in the longer term.

HMRC are increasingly moving away from paper tax returns to online filing of tax records which is faster and more efficient. For a business to use the Inland Revenue online services the business is required to register online first.

DIY Tax Accounting produces tax accounting software for company accounts and self employed business that incorporate tax software to automate the self employed tax returns for sole traders and the CT600 corporation tax return for a limited company. Small business accounting software designed to produce tax accounting solutions for non accountant business clients to complete their tax affairs.

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