Encouraging Small Business
The British Government keeps saying it wants to encourage small businesses but anyone who runs a small business, especially a very small one, knows that the bureaucratic burden just keeps getting greater.
I have a very small limited company (which I'm going to wind up when I can). HMRC has just introduced real-time PAYE reporting. Fortunately for me, my company can't afford to pay me anything and has recently jettisoned its only other employee, so I don't have to worry about that. Nonetheless, I still have to file accounts with Companies House and HMRC. If you're filing abbreviated accounts, it's fairly straightforward. However, if your company has foreign income you have to file full accounts. This is a nightmare as they now have to be in iXBRL format, and since my company can't afford to pay me it certainly can't afford to pay an accountant… [to be continued]
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