Codestone

Category: Accounting software

The use of the latest accounting software could be the best way to ensure accurate and fair financial results – and avoid becoming a victim of three new campaigns launched by HM Revenue and Customs (HMRC).

Small businesses and individuals who fail to submit tax returns or pay the wrong amount will be targeted by the body.

One campaign will be launched imminently with two more to follow later in the year and each will focus on different areas of possible tax avoidance.

Missing returns will be the primary objective of HMRC, before those in the home improvement and direct selling trades are put under the microscope.

Marian Wilson, of HMRC's Risk and Intelligence, said the department is using new technology to close in on any bosses who may not be paying the right tax – something accounting software can help to avoid.

The Bristol Evening Post recently told how local firm Smith & Williamson had offered to lend its accounting expertise to the Bristol City Community Trust in order to ensure its finances add up in the future.

Posted by Victoria Browne