Firms Advised to Update Business Records to Avoid Penalties

Businesses are being urged to keep all their records up to date following news that HMRC charged a large penalty to a company who had failed to notify them of a change of name.

This has motivated the Forum of Private Business (FPB) to advise businesses to immediately update their business records if there have been any changes made, no matter how small.

THE FPB has been assisting a firm which was originally charged with a £30,000 fine after it changed from being a partnership to a limited Company without informing HMRC that there had been a change of name.

The charge was later reduced to £10,000 which is still widely viewed as being a hefty fine given that no tax had been avoided and the firm has had an exemplary history of prompt VAT submissions and payments.

FPB tax advisor Andrew Needham said” It is important that all small businesses are aware they could face steep fines unless HMRC is kept fully updated – but this heavy-handed approach is the very opposite of the support that is desperately needed at this difficult time.”
“HMRC risks further alienating firms hit by its disproportionate, targeted business records checks regime and widely-reported poor levels of service.”

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.