At the end of every quarter, a VAT return needs to be compiled and payment made. Failure to do so and it’s possible that you will incur a surcharge. Money that would be much more useful in your pocket than in the Government coffers, and another example why outsourced bookkeeping, VAT, payroll and accounts services can save you time and money in real terms.
Not Just Accounting will work out your VAT payments on a monthly basis and let you know the amount you need to set aside. At the end of each quarter, we will fill in the VAT return for you to complete the payment to HM Revenue & Customs.
In addition to making paying VAT as painless as possible, Not Just Accounting can advise you on the key ‘need to know’ VAT issues facing small businesses, including, but not exclusively –
- Do we need to be registered for VAT?
- At what point do we have to register for VAT?
- What are the differences between standard rates, flat rates and reduce rates of VAT?
- Depending on the legal status of my business (sole trader, limited company etc.) what can and can’t be claimed for?
For an informal chat about VAT or indeed any other of our services, please don’t hesitate to contact us today.