HMRC increased access
During a Tax Enquiry HMRC would usually ask the client/taxpayer/business to sign a few forms to to give access to their business account as well as have the right to access to ask for their personal accounts. Under the Company Law it is Mandatory to provide the complete and full information that the inspector requires including any Backups if Software has been used to prepare the Accounts as well as the hard copy of sales/expenses invoices and bank statements.
Please Note: -
HMRC will now be able to have access to the digital records of businesses such as 👇
- Few other online businesses
The 👆 could be your main source of income or even earned on the side as either extra income or even a hobby but it is profitable usually over £1,000 then the income along with the expenses should be fully declared and any tax liability and National Insurance should be accounted for correctly
If you are trading in the above or any online areas and have not declared previously or would like to declare moving forward if started trading Recently
Then please feel free to reach out for a free initial consultation
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