Compliance Services

As a taxpayer you have an obligation to submit a return and pay tax on income promptly as required by law.

HMRC's New Penalty Regime                                                                          Under this new penalty regime you are now statutorily required to take reasonable care regarding your tax affairs, or face sanctions. Our role at Abingdon Accountancy Centre Ltd is to help you to understand what this means and how to achieve compliance with the minimum of fuss and expense.

If you take "reasonable care" by providing us with all the necessary information for preparation of the accounts and tax return, and then in checking the results, you will not be liable to a penalty.  However, late submission of information or inadequate records can impact on the level of penalty at the outcome of any enquiry.  We will help you to provide adequate information and to maintain good records.

When you check the return, to the best of your ability, you should be able to spot  - for example - any absence of a source of income or the omission of a benefit in kind.  If you are deemed not to have taken sufficient care, the penalty imposed will be 30% of any tax due, if you make no disclosure of the omission.  If you voluntarily give a prompt and full disclosure to HMRC, before they challenge the return, you can benefit from a full discount of the penalty.  If you make a prompted disclosure the penalty will be 15%.

We can assist you to ensure that you fully understand this penalty scheme. Contact us for more information.

Our compliance services help you to meet your legal obligations. 

We offer services in the following areas: 

• Payroll & CIS Compliance                                                                                                                                                                                                                                                          
• Preparation of Annual Accounts                                                                                                                                                                                                                                                
• Completion of VAT Returns                                                                                                                                                                                                                            
• Registered Office & Company Secretarial Facilities 
• Preparation of Personal and Company Tax Returns     

The accounts preparation service is particularly important as it is customised to meet your individual needs - our key objectives are to make sure that you understand what is going on financially within your business and to identify where your tax liability can be minimised!

Please contact us to discuss your requirments.