All UK tax is dealt with by the HM Revenue & Customs (HMRC). For businesses in the UK there are quite a few different taxes to adhere to and confusingly all with different terms and conditions and form numbers. Knowing which ones to pay is half the battle, once you know which ones you need there are a plethora of helpful websites available administering relevant deadline dates and providing links to extra help, should you need it. One of the most useful is the HMRC website itself.
If you are unsure about any taxes, it is advisable to seek a second opinion as incorrect or late payments are penalized. The HMRC tries its best to promote the simplicity of taxing, and they associate themselves with the slogan “Tax doesn’t have to be taxing”, which is irritating because actually it is complicated, but I do love a good pun.
The top tip for dealing with tax is plan ahead and prepare for tax within your businesses budget. Being hit with a nasty tax surprise can be awful for a business, and it is annoying being charged for missing a deadline, maybe even more annoying than a delayed Tube? On some tax payments the HMRC pay interest on early tax payments and offer refunds, known as ‘credit interest’, if you navigate the tips and tricks well, tax won’t be as awfully daunting as you expect. Hey, that should be their new slogan!