“A fine is a tax for doing something wrong. A tax is a fine for doing something right.” Anonymous.
How to keep the taxman or woman happy
Mentioning completing a VAT return is little like a visit to the dentist, you know that it must be done but you could quite happily miss out on the experience.
How well do you know your VAT 1 form and its difference from a VAT 2? What are VAT600 FRS and the VAT652 forms applications?
What does a VAT error look like? Will it jump off the spreadsheet?
Is the return something that can be done annually or just every 3 months without exception?
What do you need to do to keep HMRC happy?
What do you need to do to keep you happy?
The simple, cost effective and confidence building solution lies with allowing a trained, qualified and experienced expert to handle your VAT returns for you.
What does a VAT form record?
Every 3 months, the VAT accounting period, a return form is submitted which details a business’ total sales and purchases, the amount of VAT owed, the amount of VAT which may be reclaimed and what amount an HMRC refund is.
A VAT return must be completed and submitted even when there is no VAT to pay or reclaim in the accounting period. Moreover, a final form must be done when the company ceases to trade and/or the VAT registration is cancelled. A paper only version form applies for instances of insolvency. All other VAT return forms are available online.
London VAT return services providers are for all business models
Whether your VAT return is for a sole trader, partnership, SME or a larger company, by making the right first step you make all subsequent ones easier. London VAT return service providers offer companies the time to concentrate on their core interests, whilst enjoying the peace of mind that deadlines will be met, accuracy, security and confidentiality are guaranteed. No matter how long it would have taken you or an in house employee to complete the VAT return, the experienced expert will complete it with more confidence in a time efficient and calm, professional manner. They won’t need to stare brokenly into their computer screen at 2 a.m. or cancel a meeting to accommodate the VAT forms demands, nor will they miss an important opportunity by concentrating on the complicated and constantly shifting world of VAT.
Play to your strengths
You are excellent at what you do so go after that sale, employ your next recruit, open a second or fiftieth outlet, win that client from a rival, successfully launch in a new market, increase online presence, move offices…and let others take the strain from your shoulders with financial management. You pay a fee for the service but this costs less than an employee or the missed opportunity to your firm. Accountants often handle the bookkeeping and the VAT returns in tandem so take advantage of their expertise. They actually understand the forms and requirements and tackle VAT return disputes with assuredness against the mighty HMRC. Doesn’t that already sound more beneficial than the DIY VAT return option?
What a year! With a pandemic ongoing and post Brexit trading on the horizon, 2020 has given us all a shake up. VAT cuts, imports and exports affected, service changes from one month to the next, it’s enough for the professionals to keep up, but they have, and this will be reflected in your VAT return every 3 months.
Don’t forget that on 24th September Chancellor Rishi Sunak announced that the VAT reduction from 20% to 5% had been extended until 31st March 2021 and that deferred VAT payments could split into installments in line with his revised rules.
Determined to go it alone?
If you really want to learn how to manage VAT yourself to the current legislation your best source of information is an accountant and VAT specialist, for example, from Ross and Partners in Ruislip. They are happy to train you how to complete your VAT return, access other VAT services and forms for different scenarios.
The best advice for processing your VAT returns is never to guess. Fines and penalties are always unwelcome but in the current trading conditions, as every penny counts, taking a risk is not worth the possible ramifications.
Choose a London VAT return service provider to help you sleep at night. What price do you place on your priceless peace of mind?