Don’t get caught out – keep your business records up to date

We know that as a business owner, you’ll have hundreds of responsibilities to keep on top of. However, it’s important to keep your business records up to date by informing us of any changes to your business circumstances, no matter how small they may appear, as soon as they arise. The advice comes after one owner received hefty fines from HMRC after failing to tell them of a change of company name.

You should inform us regarding your business if:

  • The company name or address changes
  • The legal status or structure of your business changes
  • There are changes to your partnership structure
  • You change the goods or services you supply
  • There is a death or illness in the company
  • You see a reduction or increase in your turnover or international trade
  • Your bank details change.

Certain changes may affect your tax liabilities such as your VAT registration. We can work with you to keep your records and registrations as accurate and as timely as possible, but it is best to consult with us in advance notice of any of these changes to minimise the chance of receiving financial penalties.

Please talk to us about any planned or upcoming changes to your business.