The Office for National Statistics (ONS) holds details of businesses operating within the UK and if you are held on the register you can be asked to fill out this Annual Business Inquiry. The information you provide will be used to produce key economic statistics which influence areas such as company and personal taxation, interest rates and the calculation of economic indicators such as Gross Domestic Product (GDP).
You are required to complete the ABI forms under the Statistics of Trade Act 1947. Failure to return the completed form could result in your company being referred to the Enforcement Unit, who can take legal action to obtain a response. There is a maximum fine of £2,500 for non-completion of the form, which will still need to be completed
By Jo Nockels
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.