Understanding Accounting Periods for Corporation Tax
Understanding your accounting period in terms of the Corporation Tax your company has to pay is essential in ensuring you pay on time, every time.
Everything we’re going to touch upon below can be accomplished by your accountant, though in several instances they’ll need input from you in order to make sure all dates and monetary figures line up. If you’ve yet to hire an accountant, or you wish to seek some advice about your accounting period from an outside professional, our contact details are at the bottom of this article.
Your Accounting Periods for Corporation Tax
In the majority of cases your accounting period for Corporation Tax will be be twelve months long, and should start and end in parallel with your company’s financial year; which for the majority of companies (unless you specifically chose for this to be different) is aligned with the tax year: starting on 6 April and ending on 5 April each year.
If you’re unsure of your accounting period for Corporation Tax, you or your accountant can log into HM Revenue and Customs (HMRC) online services, under which you’ll be able to locate these dates.
Shorter Accounting Periods
It’s possible, through no fault of your own, that your accounting period for Corporation Tax is shorter than the standard twelve months.
The typical reasons why this may be the case is because you completed your first accounts period in business (which may be less than twelve months), you recently restarted your business, or you chose to shorten your financial year.
In this situation you (or your accountant) will likely have to send more than one company tax return, though this will vary between companies. Although it’s possible to read about the specifics yourself, your accountant will have significantly greater experience in this area, and should at least be consulted of your plans, as they’ll likely have the knowledge needed to speed this process along.
Longer Accounting Periods
Though it’s not possible for your accounting period to last longer than twelve months, it is possible for your accounts to cover a longer period, therefore even though your accounts will be seen as one continual period, your accounting period for Corporation Tax will be divided into two periods; one that’s twelve months long, and one consisting of the remaining time.
Of course, if you stop trading at any point during your accounts, your accounting period will be split in half anyway, with you (or your accountant) having to complete a Company Tax Return for both periods.
Corporation Tax Cut to 20%
From 1 April 2015 Corporation Tax was cut to 20%, making it the lowest in the entire G20, and the largest reduction in Corporation Tax ever brought into effect in a single parliament. It is, of course, impossible to predict whether this reduction will remain in place.
Experienced Accounting Professionals
To speak with a professional to discuss your accounting periods for Corporation Tax purposes, contact us today on 020 8780 2349 or get in touch with us via our contact page to arrange a complimentary, no-obligation meeting.
Summary of the Pension Reforms
Pension reforms finally came into effect on 6 April, but what do these changes look like, and what will this mean for pension holders going forward?
The reforms touched upon a number of areas, the most significant of which we’ve summarised below. For a personalised take on how the pension reforms affect your retirement future, speak with a qualified accountant.
Complete Access to Pension Pots
The main changes coming out of the pension reforms were first announced over twelve months ago at Budget 2014, with many of them focusing on giving pension holders greater freedom over their pension pots in terms of how they save, spend, or invest their pension going forward.
This was epitomised in the Government giving pension holders complete access to their entire pension pot from age fifty-five (with pension holders over fifty-five receiving immediate access on 6 April), without needing to buy an annuity. The new laws brought in with the pensions reforms allow pension holders to make withdrawals from their pension pot whenever they wish, with 25 percent of their withdrawal being tax-free on each occasion. Prior to these reforms, pension holders could only make one withdrawal with the 25 percent tax-free benefit.
Pension Pot Inheritance Tax Scrapped
On 6 April the so-called 55 percent ‘death tax’ on pension pots being handed down to loved one’s when the owner passes away was scrapped, with benefitting loved one’s now only having to pay tax on the pot at their income tax level.
In the unfortunate case that the owner of a pension pot dies before the age of seventy-five, the individual(s) inheriting their pension won’t be required to pay tax upon receiving the pension pot.
Great Investment Opportunities
There have been arguments on both sides of the political divide surrounding whether allowing pension holders greater freedom over their pension pot is a wise decision in the long run.
There’s certainly something to think about on both sides of the argument, with some financial analysts suggesting that many pension holders looking to immediately take out a portion of their pension upon turning fifty-five may not be aware that in doing so they may push themselves into a higher tax bracket. For the most part, however, being given greater freedom over how (and when) you can save, invest, and withdraw your pension will provide many pension holders and their accountants with a lot to think about with regard to how to maximise their future returns.
For this very reason, Chancellor of the Exchequer George Osborne made it clear ahead of the pension reforms coming into effect on 6 April that pension holders should take their financial future into their own hands; seeking out advice where appropriate to ensure all financial decisions are well thought through ahead of their implementation.
Experienced Accountants
To speak with a professional to discuss what the pension reforms mean for your financial future, contact us today on 020 8780 2349 or get in touch with us via our contact page to arrange a complimentary, no-obligation meeting.
Tax Tips and News for May 2015
This issue … Forms P11D and P9D; Cancelling VAT or VAT-MOSS Registration; ATED Reporting; Auto-enrolment exemptions; May Question and Answer Section; May Key Tax Dates
Forms P11D and P9D
The forms P11D and P9D need to be submitted to HMRC by 6 July 2015 where expenses or benefits were provided to your employees in 2014/15, which are not covered by a dispensation, or are not otherwise exempt from tax. If the forms are not submitted on time, HMRC will issue penalties.
But how does HMRC know whether a P11D or P9D is due to be filed? In pre-RTI years when you completed the end of year form P35 you had to say whether a P11D was due. Those P35 questions were carried over to the "final" RTI report for each tax year, which is normally a full payment submission (FPS) report or employer payment summary (EPS). However, from 6 March 2015 there has been no legal requirement to complete those end of year questions, but most payroll software continued to include them in the final submission for the year.
If you didn't complete the "Is a P11D due?" question on the final FPS for 2014/15, HMRC may assume a P11D is needed anyway. To avoid any nastiness with automatic penalties you can tell the HMRC computer that no P11D/ P9D is needed and no Class 1A NIC is due by completing an online declaration.
The latest Employer Bulletin (no. 53) contains lots of tips for getting the P11Ds right first time, and it is well worth a read. You may find you don't have to submit a P9D for every low paid worker. Where an employee is provided with a medical benefit such as health insurance, and that employee earns less than £8,500 per year, you don't have to complete a P9D for the employee. We can help take the strain of your P11D task.
Cancelling VAT or VAT-MOSS Registration
If you registered for UK VAT in order to operate VAT-MOSS for your overseas sales of digital services to non-business customers, you may now find that the administration for such sales is just not worth the hassle. If so you may want to deregister for both UK-VAT and VAT-MOSS, and restrict your sales to UK-based consumers, or businesses located anywhere outside the EU.
The deregistration process for VAT-MOSS must be done online and it will take effect from the end of the calendar quarter in which notice to deregister is given. Thus to deregister from VAT-MOSS with effect from 1 July 2015 onwards, notice must be given by 15 June 2015. Note that once deregistered for VAT-MOSS your business can't use VAT-MOSS again for two calendar quarters.
The deregistration application for UK-VAT can be done online, and we can do this for you. The paper form VAT 7 can also be used to apply for deregistration from UK VAT. For a voluntarily deregistration the effective date is the date HMRC receives the application to deregister or a later date as agreed with HMRC.
ATED Reporting
The annual tax on enveloped dwellings (ATED) now applies to residential properties worth over £1m that are owned by a company, or a partnership with one or more corporate members, or in some cases a unit trust.
The ATED charge starts at £7,000 per year for properties worth over £1m but no more than £2m, and increases in steps to £218,200 per year for properties worth over £20m. This tax is normally payable to HMRC by 30 April within the year that charge applies to, which starts on 1 April.
So for most properties the 2015/16 ATED charge is payable by 30 April 2015 unless a relief or exemption is claimed. Although owners of properties which are in the lowest valuation band for 2015/16 (over £1m and not more than £2m) have until 31 October 2015 to pay this year's ATED charge.
Many companies and specific properties qualify for relief from ATED, but the relief must be claimed on an ATED return. Companies whose trade is: commercial letting, property development or property trading should qualify for relief from ATED and need to claim that relief on an ATED relief declaration return for their whole portfolio of properties.
If you would like us to submit an ATED return on your behalf, you need to complete a special ATED authorisation form: ATED1.
Auto-enrolment exemptions
Have you received a letter from The Pension Regulator (TPR) telling you to "ACT NOW" to prepare for auto-enrolment? The letter gives you just a few weeks to nominate a contact to receive communications about auto-enrolment, with the threat of fines or prosecution if you don't take action.
The "staging date" for your business will be stated in the letter. This is the date by which you must have a pension scheme ready for your employees to join, if you do indeed need one.
A large number of small companies will be exempt from auto-enrolment, if they don't technically have any "workers" at their staging date. A company director is not a "worker" if he or she does not have a contract of employment with the company. A company with no staff other than directors has no obligations under auto-enrolment if any of the following apply:
- It has only one director; or
- It has a number of directors, but none of those have an employment contract; or
- It has a number of directors, only one of whom has an employment contract.
TPR doesn't know which directors in which small companies have employment contracts. If you receive a TPR letter asking for a contact to be established for auto-enrolment, you can get TPR off your back with one email to: customersupport@autoenrol.tpr.gov.uk . This should open a structured email in which you need to insert your: PAYE reference, Companies House reference and the letter code from the TPR letter.
If your company does have staff other than its directors, we should talk about what preparations you need to make to get ready for auto-enrolment.
May Question and Answer Section
Q. I live in France and I am about to sell my former home in the UK, which has been let out since I emigrated in August 2001. Do I have to pay tax in the UK on the gain?
A. As you have lived abroad for nearly 14 years you will probably be treated as "non-resident" in the UK for tax purposes, but we need to check that with a few more questions. If you are a non-resident, the gain would generally be exempt from UK capital gains tax (CGT).
However, a new non-resident CGT applies to gains made on the disposal of residential property for 6 April 2015. This new tax only applies to the property of the gain falling after 5 April 2015. So if you sell the property fairly shortly after April 2015 there should be little gain to tax, and the first £11,100 of the gain will be exempt from tax.
Q. I am the sole director of my own company and will take a salary of £10,600 this tax year. How much dividend can I extract from the company this year without paying higher rate tax?
A. Assuming your company makes sufficient profits you can take out net dividends of £28,606 (90% of £31,785), without breaking into the 40% tax band.
Q. My Dad is nearly 90 years old and has an income of £26,000. My Mum who is 85, has an income of less than £10,000. Can my Mum transfer some of her unused personal allowance to my Dad in 2015/16?
A. Unfortunately, the transferable allowance of £1,060, doesn't apply to people who were born before 6 April 1935. Your father will already receive the married couple's allowance, which is worth up to £816.50 for 2015/16. The transferable allowance is only worth £212 (£1,060 x 20%), so he is better off with the married couple's allowance.
May Key Tax Dates
2 - Last day for car change notifications in the quarter to 5 April - Use P46 Car
19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/5/2015
31 - Deadline for copies of P60 to be issued to employees for 2014/15
We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.
If you need further assistance just let us know – we're here to help!
Contact us today on 020 8780 2349 to discuss how any of the above affects your personal or business finances or get in touch with us via our contact page to arrange a complimentary, no-obligation meeting.
This blog is a general summary. It should not replace professional advice tailored to your specific circumstances.
Register for The New Marriage Allowance
Announced in 2013, the Marriage Allowance is a much sought-after tax break for married couples (or couples in a civil partnership), with online registration to receive the allowance having opened last month.
From 6 April 2015, over four million married couples and 15,000 civil partners across the country will become eligible for the Marriage Allowance tax break, allowing a spouse or civil partner that doesn’t pay tax (receiving no income, or income below the £10,600 tax-free threshold) to transfer 10% (£1,060) of their tax-free allowance to their higher-earning spouse or partner, so long as they don’t earn above the basic tax band, currently set at £42,385.
How to Apply
The Government wishes for those interested in receiving the Marriage Allowance tax break to first register their interest online, so long as you meet the eligibility criteria detailed above. It should be noted that if you or your spouse/civil partner were born before 6 April 1935 you should instead apply for the Married Couples Allowance.
When you head to the Marriage Allowance online portal you’ll be asked for your name and email address, through which the Government promise to contact you when you can apply.
From 6 April 2015 HM Revenue and Customs (HMRC) will begin sending out invitations to those who have previously registered their interest in applying for the Marriage Allowance. HMRC advise that applicants will be invited to register in stages; so don’t worry if it takes a while for you to receive your invitation. There’s no disadvantage to registering late: so long as you apply during the 2015 to 2016 tax year, eligible applicants will receive the full tax break.
The Marriage Allowance Registration Announcement
Speaking on the opening of the Marriage Allowance’s registration phase last month, Chancellor of the Exchequer George Osborne commented that the new tax break will save most qualifying couples up to £212.00 on their annual tax bill. Speaking at the same event, Prime Minister David Cameron focused on both the economic and family-driven benefits of the allowance, saying:
I made a clear commitment to the British people that I would recognise marriage in the tax system - so I am delighted that we’re just a little over a month away from it coming into effect. We can afford to do it because of the growing strength of the British economy. And as a result, it means families up and down the country can get a little bit of extra support and more financial security.
Mr Cameron continued:
But this policy is about far more than pounds and pence. It’s about valuing commitment. Families are the bedrock of our society. It is families who raise our children, look after our old and keep our country going. And this tax change is about saying as a society, we recognise that.
Experienced Accountants
To speak with a professional to discuss your eligibility for the Marriage Allowance tax break, contact us today on 020 8780 2349 or get in touch with us via our contact page to arrange a complimentary, no obligation meeting.
Capital Gains Tax for Non-UK Residents on Residential Property
From 6 April 2015 non-UK residents wishing to sell or dispose of a UK residential property will be required by law to contact HM Revenue and Customs (HMRC) to let them know, as Capital Gains Tax (CGT) may be due on any gains made.
This new capital gains tax for non-UK residents comes after an open consultation was held by the Government between 28 March and 21 June 2014 in a bid to discuss the best way to implement a CGT charge on non-UK residents.
Who’s Affected
According to the Government, the new CGT will affect non-UK residents (individuals or trustees), personal representatives of non-resident deceased persons, and certain non-resident companies. These companies are mainly micro businesses controlled by five or less persons — speak with your accountant if you’re unsure if this includes your company.
Certain UK residents who dispose of UK property when abroad will also be affected, as will any of the above persons, trustees, or companies who are partners in a partnership.
If you fall into the affected group you’ll be required to contact HMRC within thirty days of selling or disposing of a UK residential property to establish whether you have a gain. You can tell HMRC of your sale or disposal online, and they advise that further information on this matter is due to follow.
Calculating Your Gain
When calculating your gain keep in mind that only the overall amount of gain after 5 April 2015 is chargeable, therefore the Government recommend that you work out your gain in one of two ways:
- Rebasing: Establish the exact value of your property on 5 April 2015, after which you calculate your gain between then and the day your sale is completed.
- Apportioning: Apportion the whole gain on the length of time you owned the property after 5 April 2015, compared to the total time you’ve owned it.
If you know you’ll be selling within the next few months it’s a good idea to record the overall value of the property at the start of April, as this will make the job of valuing it once it sells that much easier. We recommend bringing in an independent valuer (or two), as this will ensure HMRC are less likely to query it.
The Government advise that the amount you’ll pay will depend on the value of your gain between 6 April 2015 and the day your sale is completed, whether or not you have unused losses to take advantage of, and the amount of private residence relief you may hold. Other factors that could affect the amount you pay include whether or not you have an annual exemption limit, the amount of indexation allowance (if you’re a company), and the current CGT rate.
Experienced Capital Gains Tax (CGT) Accountants
To speak with a professional to discuss this new Capital Gains Tax for non-UK residents, contact us today on 020 8780 2349 or get in touch with us via our contact page to arrange a complimentary, no-obligation meeting.
Quarter of Government’s Procurement Budget Spent on SMEs
There’s never been a better time to start a small business, with new Government data showing that a quarter of the country’s procurement budget for tax year 2013-14 was spent on small and medium-sized enterprises (SMEs).
Announced in Parliament by Minister for the Cabinet Office Francis Maude, the £11.4 billion spending total, 26.1% of the Government’s procurement budget for that year, represents 10.3% of direct spending on SMEs, and 15.8% of indirect spending.
Contracts Finder
Touched upon in our earlier article on the Small Business, Enterprise and Employment (SBEE) Act, in a bid to remove the barriers to public procurement that small businesses so often face, the recently launched Contracts Finder website from the Government is designed to make it easier for small businesses to land public sector contracts.
Speaking on the new website, Lord Young, Enterprise Adviser to the Prime Minister commented:
"Contracts Finder is a world first in terms of scale and ambition. It opens up government business like never before and levels the playing field for SMEs who in the past, didn’t know how to find public sector contracts, let alone bid for them."
Lord Young’s enthusiasm for Contracts Finder was echoed and elaborated on by Piers Linney, a member of the Government’s SME panel and a former ‘Dragon’ on the popular Dragon’s Den television show:
"We know government business has been incredibly complicated and costly to bid for in the past, and that was reflected in the tiny proportion of spend going to SMEs. This new legislation and the new site create a huge opportunity for SME businesses with reduced cash flow risk. They need to educate themselves on their rights under the new legislation and really get under the skin of Contracts Finder to make sure they can seize that opportunity."
Free to use by all small and medium-sized business owners, Contracts Finder works to show current and prospective SME owners across the UK that not only has there never been a better time to start a small business, but that public sector contracts are both easy to find and easy to bid on; an effort designed to level the playing field between new business owners and large corporations that have been dominant in their sector for decades.
Including both current and future public sector contracts worth over £10,000 (in central Government) and £25,000 in the public sector, the message is clear; small business owners have an equal shot at winning contracts of which they’re qualified to bid on.
Contact an Accountant
Needless to say, if you’ve recently started up in business or you’re planning on doing so soon, you’re going to need to speak with a qualified, experienced accountant to discuss your plans going forward, both with regard to your opening finances and your financial plan.
To speak with such an accountant, and to gain our thoughts on the best use-cases of Contract Finder and other Government legislation that can be of benefit to small business owners, contact us today on 020 7129 1199 or get in touch with us via our contact page to arrange a complimentary, no-obligation meeting.
Understanding The Small Business, Enterprise and Employment Act
First announced on 4 June 2014, and billed as a way to help make the United Kingdom be seen as a trusted, attractive, and fair country in which to do business, the Small Business, Enterprise and Employment Act (SBEE) finally came into law last month. If you have questions about how this will affect your small business, read on for a brief summary of the key changes.
Defined by Business Minister Matthew Hancock as “the first set of laws specifically to help level the playing field for small business,” the act has been designed to open up new opportunities for small and medium-sized business (SME) owners.
Speaking on the Small Business, Enterprise and Employment Act, Business Secretary Vince Cable said:
Small businesses provide jobs for millions of people across the country and are driving the economic recovery. The Small Business Act will create the right environment for small businesses to continue to thrive by giving them greater access to finance to help them innovate and grow, and make it easier for them to export goods and services made in Britain.
Mr Cable continued, highlighting the act’s hard stance on ‘exclusivity clauses’ which prevent zero-hour contract workers from taking on contracts with other employers:
The Bill’s measures also mean there is nowhere to hide for firms who do not play by the rules, whether by abusing zero-hours contracts or not paying the minimum wage.
Once again highlighting the Government’s desire to provide real, tangible encouragement to cultivate small business growth across the country, Business Minister Matthew Hancock stated:
The government has backed small businesses like never before to build a Britain where entrepreneurs can break the mould and take on the world. Coming from a small business background myself, I know first-hand how cumbersome bureaucracy can stifle your ambitions to grow.
Key Changes for Small Businesses and Enterprises
The Government have announced that all small and medium-sized businesses will be affected by at least some of the changes coming into effect over the next twelve months, as many encompass certain legal requirements; such as a business’s filing date with Companies House.
The main changes for small businesses and enterprises are as follows:
Improved Access to Finance
The Small Business, Enterprise and Employment Act provides small businesses with much improved access to finance by increasing the sources through which financing will become available, in order to allow small businesses to grow and create jobs well into the future.
This includes the following:
- Giving banks the power to pass on a business’s details to alternative lenders (with the business’s permission) should they be denied a loan.
- Providing open access to small business credit data, making it easier for small business owners to contact alternative lenders in the first place.
- Increase the speed in which cheques clear using ‘cheque imaging’ to allow small businesses to receive payments sooner.
Increasing Transparency and Reducing Red Tape
Seen as a way to provide small businesses with the key information they need in order to negotiate fairer deals — information which has traditionally been reserved for larger companies willing to pay for it — the SBEE act introduced a new reporting requirement for large companies to help balance the playing field for small businesses.
The act also focuses on reducing red tape for small businesses, allowing them to spend less time worrying about unnecessary, outdated regulations and more time serving their customers. This coincides with the appointment of an independent Small Business Appeals Champion to listen to and campaign on behalf of the needs of small businesses.
Providing Assistance for Overseas Expansion and Public Procurement
In order to make the UK an attractive and fair country in which to do business, the Government want to ease the pathway for small businesses by increasing the support from UK Export Finance to any small business looking to start exporting overseas and expanding into international markets.
In a similar vein, the SBEE act also looks to remove the barriers to public procurement for small businesses, making it easier for small business owners to have a greater chance of landing public sector contracts, as well as to make their thoughts on current procurement practices known.
Ending Abuse of Zero Hours Contracts
Needless to say, if you’ve been abusing zero-hours contracts by preventing contractors from taking on contracts with other employers while they have a contract in place with you, you must stop doing so immediately.
The SBEE act also states that employers who pay workers under the National Minimum Wage (for their age bracket) will now face increased maximum penalties that can be amended on a case-by-case basis, depending on the number of workers being underpaid.
Strengthened Rules for Corporate Directors
From October 2015 the SBEE act will introduce a prohibition on appointing corporate directors that will require companies with a director already in place to successfully explain why their director should be exempt, or have this individual step down from their role.
In a bid to ensure that incorrectly appointed company directors are removed from their register, Companies House will make an effort to write to all newly-appointed directors to inform them that their details have been filed on the public register. In addition, the time in which it takes Companies House to strike companies from the register will be reduced.
The SBEE act will also introduce a new process to help protect businesses and individuals that are having their address used as the registered office of a company without their authorisation.
The People with Significant Control (PSC) Register
In April 2016 companies will need to file a People with significant control (PSC) register at Companies House, therefore the Government recommend you and your accountant start preparing this information as early as January 2016.
During this month companies will also be required to notify Companies House of any changes to their company information that needs to take place, after which point you’ll be required to make them aware of any new changes on an annual basis. You’ll also be given the option to keep certain pieces of information on the public register only; making it unavailable on statutory registers.
Next April Companies House will also be updating the ’disqualified directors regime’ with regard to directors misconduct at home and abroad, in a bid to strengthen the database.
Experienced Accounting Professionals
With an estimated five million businesses operating across the United Kingdom, it’s hoped that the Small Business, Enterprise and Employment (SBEE) Act will help provide greater opportunity for small businesses to compete with larger companies, improve their speed of innovation, and ultimately grow.
To speak with an accountant to discuss how the Small Business, Enterprise and Employment Act will affect your business, contact us today on 020 7129 1199 or get in touch with us via our contact page to arrange a complimentary, no-obligation meeting.
The Tax-Free Childcare Scheme
Announced by the Prime Minister and Deputy Prime Minister back in March 2014, the Tax-Free Childcare Scheme finally launches this autumn, a scheme designed to help millions of working parents across the United Kingdom tackle rising childcare costs.
The Government consulted with parents, childcare providers, employers, and other interested parties before announcing the scheme. Speaking on its necessity, the Prime Minister said, “Tax free childcare is an important part of our long-term economic plan. It will help millions of hard-pressed families with their childcare costs and provide financial security for the future.”
The new scheme is available to nearly two million households up and down the country for all children up to aged twelve, and children with disabilities up to aged seventeen, provided parents are in work, earning over an average of £50.00 a week (and under £150,000 per year). This low threshold makes it possible for parents working part-time jobs to also benefit.
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Budget 2015: Key Takeaways for SMEs
Today, Wednesday 18 March 2014, Chancellor George Osborne delivered his fifth full Budget to the House of Commons since the Conservatives came into power; Mr Osborne’s last before May’s upcoming General Election.
Below we’ve summarised the key talking points from Budget 2015 for small and medium-sized businesses (SMEs):
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Time for Small Businesses to Start using RTI
Having been slowly phased in since April 2013, HM Revenue and Customs (HMRC) announced last month that employers with fewer than fifty employees (small and micro business owners) will be required to start using Real Time Information (RTI) for each member of staff on their payroll from today, 6 March 2015.
The RTI system, which we’ve reported on extensively since it was announced over two years ago, is a new way for business owners to report Pay As You Earn (PAYE), with the hope that the new, real-time method of reporting payments to employees will improve the accuracy of returns, ensuring that employers are paying the correct amount of tax.
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