VAT Return Tips For Your Business - 10 Ways to Save Money and Time on VAT Returns
1. Pay VAT on time
Avoid penalties by paying VAT on time. If your VAT return is late, HMRC will make you pay a percentage of the unpaid VAT at the due date. You will not be charged the first time this happens but you a warning will be issued. If it occurs again within the following 12 months, an assessment will be made to determine a surcharge of up to 15%.
We all see on our receipts a VAT element (or are offered a VAT receipt), for example when you fill your vehicle up with fuel; but if you own your own business, just started, or thinking of starting up a new business, do you understand VAT and whether it is applicable to you and your business? Here I have put together a simple guide explaining what you need to know and how to get started.