Stay up to date with the latest compliance changes and legislation with Reckon One.
What is compliance?
Compliance refers to regulations established by the UK Government & the HMRC, which every business owner needs to abide by to avoid penalties. It includes VAT returns, record keeping and more. You will need to lodge your submissions with the HMRC throughout the year to meet the regulatory requirements and remain compliant.
What is a VAT?
VAT is a consumer based tax that stands for Value added Tax and is the tax you have to pay when you buy goods or services.
It’s typically around 20% and businesses collect this extra income and pass it onto the HMRC, which the Government uses for public spending.
Did you know your business must register for VAT if your total VAT taxable turnover for the last 12 months was over £85,000.
Record keeping & reporting
As a business owner, you are required to keep records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs ( HMRC ) may check your records to make sure you’re paying the right amount of tax.
How can Reckon One help you be compliant with the HMRC?
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See how Reckon One can help your business be compliant with the HMRC.