Programming an electronic till to suppress the recording of sales amounts to tax evasion and HMRC can impose some serious penalties on retailers who do this.
Scammers are very aware of the tax payment deadlines and will step-up their efforts to divert payments from taxpayers to their own bank accounts.
Technology business accountants
Technology can transform a business and we know how that works. We act for companies and high technology businesses such as Formula 1 and research and development (R&D) organisations. We have a range of services aimed at making businesses of all sizes more effective and we specialise in tailoring those to individual companies.
Specific issues to technology companies that we can assist with include: R&D, Patent Box, capital allowances claims, assistance with grant applications and grant audits. We can also help with business plans and due diligence to assist with funding.
When purchasing commercial premises you need to know whether VAT will be added to the price as the stamp duty land tax charge (or similar taxes in Wales or Scotland) is calculated on the VAT inclusive value.
From 1 May 2023 medical services can be VAT exempt if they are performed by a person who is not a registered health professional but who is directly supervised by a pharmacist.
Traders who have used electronic sales suppression (ESS) software are in serious trouble as HMRC view this as tax fraud which is a criminal offence.
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Get in touch to talk to a knowledgeable technology business accountant.