Catching up.
WHAT NOT TO DO
Continue trading while ignoring it Hope it will not be noticed Wait until you need a document urgently
WHY
Penalties generally accumulate.
The position worsens with time, not improves.
WHAT TO DO
Establish exactly what is outstanding Take advice on the position and the likely consequences Gather what records exist Address it, oldest first
WHAT TO EXPECT
Penalties, in most cases.
Frequently less than people fear, and far less than continuing to accumulate.
WHAT AN ACCOUNTANT CAN DO
Establish the position Reconstruct records where possible Deal with the authority on your behalf Advise on any relief available
WHAT IT COSTS
More than staying current would have.
Less than the eventual alternative.
WHAT TO CHANGE AFTERWARDS
The habits that caused it.
Weekly records, a compliance calendar, and an accountant engaged properly.
WHAT TO DOCUMENT
The catching-up process, and what remains outstanding.
