Whether you’re starting out in business for the first time or are running a much more established company, VAT compliance can be a tricky business at the best of times – and the customarily intense investigations of the VAT man are unlikely to do much to relieve your stress.
The bad news is that there are very definitely penalties for failing to achieve VAT compliance – failing to pay your VAT on time, for example, will lead to you having to pay a percentage of the unpaid VAT at the due date. The good news, however, is that you can certainly avoid much of the stress that is associated with VAT if your company is sufficiently organized.
Good tips include paying your VAT online, as this will extend the due date for the return and payment to HMRC by seven calendar days. It also helps to get any HMRC decisions by writing, which can serve as an insurance policy in the event of the worst happening.
Allow Yorkshire Accountancy to help you with your VAT returns
But of course, another great idea is to get Yorkshire Accountancy to help you out with your VAT returns so that you have more time and energy to focus on growing your business.
Remember that there are several levels of involvement that we can offer when it comes to handling your VAT returns. We can do your bookkeeping as well as your return, or you may prefer us to merely complete the return or simply provide you with training on completing your return. But whichever option you choose, it can certainly help to relieve your workplace stress!