Attempts to Save Tax could lead to Poor Credit Rating
Decided not to Supply Full Audited Accounts to Companies House? Think Carefully; it could Affect your Credit Rating!
Because of recent changes in the law, small companies no longer need to supply full audited annual accounts to Companies House and according to Martin Williams of Graydon UK, this newly found freedom is leading many business owners to “suppress profits in their accounts to pay less tax”.
However, this comes with a stark warning from the credit reference agency which suggests that banks and other companies could well be cautious of businesses that do not supply full accounts at Companies House, and this could lead to difficulties in obtaining credit.
Before you make any decisions that could affect the future of your business, or even your personal financial future, contact us for advice.