- March 1, 2023
- Posted by: Gill Hadley
- Category: Uncategorized
Liaising with HMRC: What You Need to Know
If you’re a business owner, self-employed or an individual who pays taxes, you’ll have to communicate with HM Revenue and Customs (HMRC) at some point. The communication process can seem daunting, but with the right approach, it can be easy and straightforward. This article will provide you with the information you need to know when liaising with HMRC.
One of the most important things to keep in mind when liaising with HMRC is making payments. HMRC will notify you when payments are due, and it’s essential to make them on time. Late payments can result in penalties and interest charges, so it’s best to pay on time or contact HMRC to arrange a payment plan.
HMRC offers several payment options, including bank transfer, direct debit, and paying online. If you’re paying online, you’ll need to create an HMRC account and register for online services. HMRC also accepts debit and credit cards, but be aware that there is a processing fee for using these payment methods.
Submitting Tax Returns
As a business owner or self-employed individual, you’ll need to submit tax returns to HMRC. The frequency of submissions will depend on your circumstances, and it’s essential to meet the deadlines to avoid penalties.
HMRC provides an online platform for submitting tax returns, and you can also use commercial software or hire an accountant to submit them on your behalf. It’s important to ensure that the information you provide on your tax return is accurate, as HMRC can investigate discrepancies and charge penalties if they find errors.
Dealing with Tax Disputes
If you disagree with HMRC’s tax assessment or decision, you can dispute it. Disputes can arise for various reasons, including incorrect tax calculations, disagreements over the interpretation of tax laws, or disputes over whether certain expenses are tax-deductible.
When disputing a tax assessment or decision, it’s important to provide evidence to support your position. You can also request a review of the decision or appeal to an independent tribunal. If you’re unsure about how to dispute a tax decision, you can seek advice from an accountant or tax lawyer.
If you need to contact HMRC for any reason, there are several ways to do so. HMRC has a dedicated helpline for individuals and businesses, and you can also contact them by email, post, or using their online platform.
When contacting HMRC, be prepared to provide your personal details, such as your National Insurance number or your company’s Unique Taxpayer Reference (UTR). You should also have any relevant documentation, such as tax returns or payment receipts, on hand.
Liaising with HMRC can seem daunting, but with the right approach, it can be straightforward. Whether you’re making payments, submitting tax returns, or dealing with tax disputes, it’s essential to keep accurate records and meet deadlines. If you’re unsure about how to proceed, seek advice from an accountant or tax lawyer. With the right approach, you can navigate the tax system and avoid penalties. contact-us here