One of the ‘joys’ of starting up a small business is the amount of record keeping that needs to be undertaken so that the correct amount of tax and NIC is paid at the end of the year and how you can claim back VAT.
That also extends to those businesses who are registered for VAT and need to meet their quarterly deadlines with accurate information. Failure to supply this information to HMRC could lead to a number of problems and issues; all of which are going to cost you money.
Here at Yorkshire Accountancy, we have an excellent track record in helping small businesses claim back VAT and help keep them on the road to profitability.
We offer a cheap bookkeeping service which provides year-end accounts and a cheap VAT service that is second-to-none.
However, a recent report from the accounts software provider Sage found that a third of small firms miss out on big cash savings by not claiming back VAT because they don’t understand the rules, did not come as a surprise to me.
To make matters worse, around half of owner-managers believe they lose out by £500 every year by not knowing which items they can claim back VAT on.
Most of them were unaware that everyday office items such as printer ink and stationery are tax-deductible.
They also did not know that things such as fuel used on work-related projects was also going unclaimed.
Sage says that this lack of awareness about fuel explains why ‘travel’ is the biggest cost for a small business ahead of ‘food and refreshments’ which are also VAT reclaimable because they are a business expense.
A spokesman for Sage said that those small businesses which are not claiming back the VAT to which they are entitled, are placing themselves at a competitive disadvantage.
He added: “It’s been around for 40 years but the ever-changing nature of VAT has put many business owners off from understanding what VAT can be refunded.”
When it comes to the issue of reclaiming VAT, you need to find a cheap accountancy service which has years of experience in helping small firms not only meet their VAT responsibilities but also help claim back what VAT they are owed.
So, if you are doing your year-end accounts in Birmingham, or even looking for cheap bookkeeping services in London, then contact Yorkshire Accountancy because we have the experience you are looking for at the prices you are wanting to pay. We have years of experience and an increasing number of clients from around the UK.
We have an excellent track record in helping firms claim back VAT they are owed as well as running their payroll and offering VAT and bookkeeping services that they enjoy.
Contact Yorkshire Accountancy now for a no obligation chat about your needs.