There are no two ways about it. Every business needs to maintain accurate records for self assessment and corporation tax purposes but VAT is not an exception.
Thoroughly documented records and bookkeeping practices will ensure proper management and control of financial resources which will certainly benefit the business. This in turn will facilitate the planning for future growth and also ensure that your VAT returns are completed on time, which should in turn let you avoid late filing penalties.
Yes, feel free to contact us with no consultation fees and no hidden charges whatsoever.
Let us do your VAT returns and file with the HMRC while you focus on the growth and development aspect of the business.
We have an experienced team of financial modellers who can customise spreadsheets to suit your business model.
We will start giving you valuable advise from the start on how to collate and file receipts and invoices for future reference. You’ll also have the option to send documents across through our cloud storage system as and when required.
Have you heard of Making Tax Digital?
Well, if you haven’t, it is the UK Government’s new plan to modernise and digitalise its tax system. As one might expect, will definitely have some serious tax implications for all individuals and businesses.
Every year the UK government makes changes to its tax legislation which is also referred to the Finance Act. It’s within the Finance Act, Making Tax Digital was initially mentioned which will impose VAT obligations on businesses registered for VAT and above the £85,000 threshold come 1 April 2019. Businesses will need to maintain all digital records and file their VAT returns with the HMRC via compatible commercial software.
It doesn’t matter which software is used as long VAT returns can successfully be submitted and accepted via the HMRC portal.
There are also some other changes expected between 2019/2020 which is all corporation tax and personal tax returns are required to be submitted digital records on a quarterly basis.