Is Your Accounts Department Fully Compliant?

Is Your Accounts Department Fully Compliant?

You will be more than aware that there are many factors to consider when running a Limited Company and it is imperative that your accounts department is keeping in line with current regulations and compliances. This article lists and guides you through the key areas of compliancy for your business and the actions that need to be taken.

Corporation Tax Compliance & Tax Planning
It is important that a business understands HMRC rules and reliefs available to maximise shareholder returns whilst remaining compliant with UK legislation.

Risk Management and Governance
All businesses face risk in areas such as health and safety, service delivery and theft. It is imperative that Directors’ are fully aware of and appropriately manage all of these identified risks.

Welfare of Employees
It is an employer’s duty to protect the health, safety and welfare of it’s employees and other stakeholders who may be affected by the business. Employers also have a duty under health and safety law to assess risks in the workplace and must consult employees on health and safety issues.

Directors’ Responsibilities
Director’s must act in the best interest of the business to benefit its shareholders exercising reasonable care, skill and diligence.

Making Tax Digital
As of April 1st 2019, HMRC requires VAT registered businesses to keep digital records of all sales and purchase. In addition, VAT returns now need to be submitted using MTD-compatible software. VAT-registered businesses will no longer be able to use the Government Gateway to manually submit VAT returns.

HMRC are currently consulting on a new penalty regime for non-compliance with MTD. These penalties may be substantial therefore we strongly recommend ensuring that you are fully compliance in this area. Ratiobox are able to recommend, advise on and offer cloud accounting solutions to clients that meet the requirements of MTD. These solutions are also proven to provide significant additional benefits to your business.

If you have any questions or require assistance with any of the above areas then don’t hesitate to get in touch with us. Our professional and friendly team will be happy to help and advise you accordingly.