VAT Returns
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.
As online accountants, 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. We provide a range of accounting services that are tailored to your needs so get in touch today!
More Posts
Basis Period Reform
The article helps self-employed sole traders and partnerships to understand how basis period reform will impact their business in the 2023/24 transitional tax year, and what steps need to be taken to ensure they do not lose any brought forward tax reliefs and remain compliant!
Tax Payment Dates and Estimating the Values of Tax Payable
The article outlines the typical tax payment dates and methods of estimating the values of tax payable for each type of tax, including VAT, PAYE, NIC, CIS, Corporation Tax, and Dividend and Personal Taxes.
Corporation Tax Rate Changes
In the March 2021 Budget Rishi Sunak proposed a number of changes to the way that Corporation Tax will be calculated and applied and these changes will come into effect from 1st April 2023.