You can ignore the laws of physics, but not HMRC.
Some things are so obvious that common sense tells you they are true. Falling into this category are
· Heavy objects fall more quickly that lighter ones.
· If you don’t have any tax to pay, you don’t need to contact HMRC.
What is wrong with common sense?
The problem with using common sense is that someone can take the opposite view and use their own common sense argument. This doesn’t prove either position so the approach is best avoided.
In the case of heavy objects, not everyone has a tower of Pisa handy, but physics settled this argument more than 400 years ago. You can also look up videos of a feather and a hammer falling on the moon if you aren't convinced that Galileo got it right.
When it comes to HMRC, there is little excuse for getting it wrong as unlike the Post Office Horizon system, they give you enough access to their systems to see what they are expecting from you. This point is missed by the Guardian article from April 2024.
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VAT reporting
If you register for VAT, you will typically need to report and pay your VAT every 3 months. You can select your VAT quarters to align with your financial year end when you register. Whether or not you choose your VAT quarters, once you register for VAT you are required to report your business transactions to HMRC. This applies even if you have not collected any VAT.
A common mistake is to register for VAT and then forget about it. If HMRC don’t receive the reports they are due, they will make their own assumptions, which can land you with a VAT bill and even letters from a debt collection agency.
Payroll reporting
As with VAT, once you register as an employer, you need to make regular reports to HMRC. A report must be sent to HMRC each time you pay any employee and the PAYE due to HMRC is typically paid quarterly or monthly.
How do I know what HMRC expect from me?
You can view your VAT or PAYE balance from your HMRC online account. Whether or not you have an accountant you should make sure this is set up.