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!
Chancellor announces that IR35 reform will be scrapped
IR35 reform in both the private and public sectors is to be repealed, the Chancellor announced in the mini Budget, held on Friday 23rd September.
This surprise development made up just one of many welcome tax changes, as Liz Truss’s new-look government promised to start “a new era” and unleash the potential of UK business.
Why is accounting for a start-up business important?
Why do some start-ups succeed while others are doomed to fail?
It’s an often-quoted statistic that around 60% of businesses fail in their first three years – with 20% folding within just twelve months.
Why freelancers should hire an accountant
In the world of work, freelancing is an increasingly popular option. The promise of flexibility, unlimited earning potential and complete control over the way you work is a hugely attractive prospect for many.