How businesses report to HMRC
All businesses must report specific information to HMRC, including PAYE information, VAT returns, and corporation tax details. Employers are required to report employee earnings and deductions regularly through PAYE. Businesses registered for VAT must submit regular returns detailing their sales and purchases.
Companies must report their profits and pay tax on their earnings to comply with corporation tax regulations. Adhering to reporting deadlines and requirements is vital to avoid financial penalties and legal repercussions. Speak to a payroll specialist today and find out how outsourcing payroll can help take the burden of reporting to HMRC away.