The world of tax as it applies to you and your small business is an incredibly important one, and yet often more than a little confusing; one of the areas that seems to confuse most is that of VAT (value added tax). Most business owners know that they must register their business for VAT but are a little unclear as to the exact rules. If and/or when one should register for VAT is a common question that many businesses would like a simple answer to.
When people think of accountants, the normal image that comes into their heads is someone sat at a desk behind a pile of paper, completing tax returns. However, while that may have been true in the past, a new age is upon us.
People are no longer looking for the bog-standard accountant; they want one that can help, not only support, but grow their business as well. Here are some reasons why you need an accountant.
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%.