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Businesses and individuals (or their agents) will be required to keep digital records of transactions, and send quarterly updates to HMRC. [2] For income tax, the quarterly updates will provide the totals of income and expenses, and an end-of-period statement must be submitted for each tax year.
Legally, a tax payer is obliged to submit a tax return when HMRC request one by sending a notice to file a tax return, either because the tax payer has registered for self assessment voluntarily or because HMRC believe one to be required - HMRC can request a tax return from anyone for any reason. [1] [2]
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
Making Tax Digital: Early impact on VAT below threshold customers: Research funded by HM Revenue and Customs to understand how businesses below the £85,000 VAT threshold adapted to requirements to keep digital records; use software that works with Making Tax Digital; and submit updates every quarter. [31]
They also have to keep records of the customer's name and address/registered office and addresses to which mail is sent. It is a criminal offence for a person to fail to comply with section 75, to provide false information when making an application, or to make false entries in records. Companies operating in the UK outside London are required ...
A records retention schedule is a document, often developed using archival appraisal concepts and analysis of business and legal contexts within the intended jurisdictions, that outlines how long certain types of records need to be retained for before they can be destroyed. For the retention schedule to be utilized a number of guidelines need ...
A retention period (associated with a retention schedule or retention program) is an aspect of records and information management (RIM) and the records life cycle that identifies the duration of time for which the information should be maintained or "retained", irrespective of format (paper, electronic, or other). Retention periods vary with ...
LLP is required to maintain account records and is to prepare and deliver audited annual accounts to the register of companies; it will submit an annual return in a similar way to companies. LLP's and those that are members of groups can receive an exemption from auditing if it has a turnover if the turnover is less than £350,000 and a balance ...