That’s the question being asked after the Government said that it would go ahead with a series of advertisements for HMRC despite announcing a 52% cut in advertising and marketing.
Predictably, the adverts will be about ‘paying business taxes’ and the fact that this particular campaign has been saved from the axe suggests that the Government recognises it as a priority area.
For the small business community, the early signs of intent from the coalition Government have been, in the main, positive. After all, they’re reviewing IR35 and the Emergency Budget was received quite warmly. However, with the public finances in rude health, it’s predictable that they will try to recoup as much money as possible from those who are not sticking to the letter of the law regarding business taxes.
So, the advice has to be to avoid getting complacent with your tax returns. In the current climate, the Government is unlikely to go softly on any freelancer, contractor or small business making accounting errors.
Fortunately, if you’re with Crunch, keeping up-to-date with your online accounts is incredibly easy. In fact, we do most of the worrying for you! If any issues arise your account manager will alert you and ensure you don’t fall foul of HMRC.