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Accounting for Business with HM Revenue and Customs, Inland Revenue
The Inland Revenue 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.
Financial 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, with accounting spreadsheets being highly suitable for many small businesses. 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 provides information with regards to all its tax 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 the financial accounts and tax liabilities 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 national insurance or accounting issues with the least hassle.
If you are a start up business, then chances are that you do not have to conduct payroll or pay a wage as yet, however should your small business start to take on employees you may be interested to know that the Inland Revenue teams can be contacted for general questions or to offer support regarding employee 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 financial accounts and are aware of the size of your business etc.
Otherwise, the Inland Revenue offer a comprehensive online tax service where you are able to make direct payments of customs invoices, declare latest payroll figures or you can simply go online to discover more about the accounting support they can offer you – hopefully helping you and your business to achieve goals in the longer term.
Resource Box This article was written by Louisa Croft on behalf of DIY Accounting who human edit and approve each article before publication DIY Accounting are leading national suppliers of Tax Accounting software and Payroll software to small and medium business.
"Inland Revenue accounting for business support from HM Revenue and Customs help with wage, payroll, gross pay, national insurance, income tax and vat" |
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