VAT Returns and “Right Tax Right Time”
Submission of inaccurate VAT Returns can be costly and can be avoided by ensuring we have all the relevant information from you to declare the right tax at the right time.
If the tax due is not declared at the correct time on the right VAT return , HMRC will view this as an error, it is therefore important to ensure VAT tax point rules are adhered to and VAT returns are submitted and paid correctly and on time.
Penalties for errors can range from 0% to 100% of the tax due depending on the category of the error, whether the error is “unprompted” or “prompted” and whether HMRC consider that “reasonable care” was taken in completion of the VAT records.
We therefore require receiving a copy of any invoices you have issued yourself or timesheets that will trigger a payment, to enable us to prepare your invoices for accounting purposes in a timely manner and to ensure your VAT figures are also declared on time.
Remember – Right Tax Right Time = No Penalties Surcharges or Interest.
If you have any queries regarding this, please don’t hesitate to contact our VAT Manager, Jennifer Martin.