Tax Compliance

Stay up to date with the latest compliance changes and legislation with Reckon One.

What is compliance?  Compliance refers to regulations established by the New Zealand government, which every business owner needs to abide by to avoid penalties. It includes GST returns, record keeping and more. You will need to lodge your submissions with the IRD throughout the year to meet the regulatory requirements and remain compliant.

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.

GST return? Did you know your business has to register for GST if the turnover (sales and income) is $5000 or more per month? Once registered, you will need to lodge a monthly, bi-monthly or 6-monthly GST return with the Inland Revenue throughout the year to determine the amount of GST you have to pay or claim. It’s due on the 28th of every month except for the periods ending 30 November (due 15 January) and 31 March (due 7 May).
Record keeping & reporting  As a business owner, you are required to keep records for 7 years including income and expense records, end of financial year records and more.  The records need to be held even if your business is no longer trading.  Making your tax records digital can help ensure you have correct records.  Plus, you can use this data to create accurate GST101 reports with the required info for lodgements with the IRD.

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?

Always be updated with the latest compliance changes

Always be updated with the latest compliance changes

Legislation can change from year to year, which makes it hard for a busy business owner to keep track. With Reckon One, all regulatory compliance changes are automatically updated.

Do your taxes correctly

Do your taxes correctly

Easily track your income, expenses and VAT in Reckon One, and create accurate VAT Returns that you can lodge directly with the HMRC – helping you avoid any fines.

Get your books in order

Get your books in order

Successfully manage your financial info all in one place with Reckon One. It’s easy to use and has an intuitive interface with simple data entry. Reckon One also provides a read-only version of your data at no cost for 7 years.

Try Reckon One free

See how Reckon One can help your business be compliant with the HMRC.