Is my company fully aware of the latest HMRC guidelines?
There are a number of things which smaller businesses across the UK need to be fully aware of in the modern world of business.
Profit margins, rules surrounding business loans and the specific shape of the sector you operate within are all obvious candidates.
However, there is little doubt that regulations regarding tax laws should also figure high on the list of priorities. For example, if your business is struggling then everything from Time to Pay schemes and winding up petitions need to be addressed.
Competent and established insolvency practitioners can assist you with these issues, but it is also important that you take it upon yourself to keep up to date with the latest guidelines which the HMRC have outlined.
A good example involves the recent study which the HRMC published surrounding the rules regarding close company loans.
Close companies are companies that are controlled by five or fewer people, and in many cases they may be involved in lending money to shareholders or associates that could be friends or family.
HMRC and the government are currently working together to look at potentially reforming the existing rules regarding this subject, which could have consequences for up to 1.3 million limited companies in the UK.
The news this week that 4,075 companies applied to the HMRC in 2012/2013 for approval under two separate government enterprise schemes exemplifies how SMEs and HMRC can work together to good effect.
Such a boost will hopefully have a positive impact on the general future of SMEs, but they would also be well served by doing everything they can to ensure they are as aware as possible regarding HMRC guidelines.
Corporate recovery specialists
Moorfields Corporate Recovery can assist struggling businesses with numerous aspects of existing HMRC guidelines, including any recent changes to the process.
We can also assist directors, business leaders and stakeholders in making crucial decisions that will determine the financial future of their company. If your business is considering restructuring options, you may want to seek professional advice.
By Phil Smith