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HMRC reminds firms of tax rules

Date Added: 20/05/2011  

HM Revenue and Customs (HMRC) has reminded small businesses that are carrying out jobs as Olympic contractors of their tax regulations.

Companies were told by the organisation that they need to ensure there are no tax, National Insurance or national minimum wage breaches when they come to sort out their finances.

Mike Eland, HMRC's director general of enforcement and compliance, stated that it is only fair firms who break the rules are caught.

"Only those who choose to break the rules, or deliberately evade the tax they should be paying, will be targeted. Honest businesses have absolutely nothing to worry about," he said.

Mr Eland pointed out that those small businesses that break the rules will be subject to a major fine if they are caught, while a prosecution could also be handed out.

John Walker, national chairman of the Federation of Small Businesses, recently told HMRC to be aware that firms will sometimes make mistakes with their tax returns.

Posted by Miles Pritchard 

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