Compliance is a collective name for all the statutory returns that need to be filed either with HMRC or Companies house. The requirements for each business can vary dependent on their size, status and if they employ staff. Returns can be required on either an annual, quarterly, or monthly basis.
As a sole trader, your business is treated as an extension of you as an individual. This will require you to submit an annual self-assessment return. If your turnover exceeds £85,000 you will also need to register and submit VAT returns and have a payroll submission if you employ staff.
For Ltd companies, the directors will have individual self-assessment returns. The company can also elect to be VAT registered if turnover is below £85,000 and have payroll submissions. However, there are more requirements that need to be completed such as the annual statement and filing of annual accounts to Companies House as well as a corporation tax return to HMRC.
Completing 'official' returns can be quite daunting and some people prefer to ignore it rather than getting on with it. However, it is rarely as bad as you think.
The ease of meeting these requirements can be dependent on the quality of your data, and with everything it is easier if the basics are right. Making sure your bookkeeping is kept up to date is a step in the right direction. Once this is in place your returns can be completed and submitted without issue.
As a bookkeeper it is my responsibility to keep up to date with the latest accounting and HMRC guidance so I can:
I will complete the following returns and have a review meeting with you, so you are confident prior to submitting.