What is tax compliance?
In a nutshell, tax compliance is about ensuring the correct amount of tax is being paid whether you are an individual taxpayer or if you run a business.
As an accounting firm, with tax specialists, we help individuals with their personal tax or companies with corporate tax with filing tax returns to HM Revenue and Customs (HMRC) and meeting the required deadlines to ensure you are complying.
With HMRC having the ability to check whether you are complying, this is where working with an accounting specialist can help you with accuracy for compliance with:
- tax calculations and the taxes you pay
- Self-Assessment tax returns
- Company Tax Returns
- PAYE records and returns
HMRC does this to:
- Ensure the right amount of tax is being paid and on time
- Ensure you’re getting the right allowances and tax reliefs
- Prevent tax evasion
- Ensure a fair tax system
If you do instruct an accountant, it also means that HMRC can contact the accountant directly to check any return.
Tax return and compliance advice
If you are in need of advice to help navigate your financial situation, speak to our team of accountants at McKenzies for professional Tax Advice to ensure compliance.
If you are going through a compliance check, HMRC also has a list of compliance factsheets to download to help you.