Small business owners need to be aware of the fact that HM Revenue & Customs (HMRC) has introduced new penalties for failing to pay tax on undeclared income. This particularly applies to those whose annual business turnover has begun to reach £70,000 and those who may have sold an asset and made a profit.
HMRC advises that businesses need to tell it about these or any other changes which mean it is necessary to register to pay a particular tax or pay tax on undeclared income.
Under regulations that took effect from 1 April, HMRC cautions that businesses could be liable for a penalty as well as the tax owed, if they haven't told it at the right time that:
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