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Minimum for tax collection

Comment 5th August 2010

A small property maintenance company, managing own properties, with annual turnover less than £30,000. When registering the company HMRC did not want to hear from us until tax that could be paid exceeded £100 pa.  Due to recent legislation all monies now are held in a Trust.  The HMRC Trust office now tells us that we will have to pay tax on ALL savings income.  This year our income will be some £20. No problem in paying this, BUT what is the cost to the Trust office in collecting the £4.00.  Trust office says that there is no minimum fo collection.

Why does this matter?

Cost reduction to HMRC

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