With ever increasing legislation surrounding VAT, it has become one of the most complicated areas of accountancy. Penalties for non compliance are severe: this means that VAT returns must be submitted within strict time limits and payments must be made by due dates. VAT inspections are fairly common but the onus is always on the business to supply accurate information in the first instance. It is essential to make sure that all VAT calculations are accurate and well documented.
Many businesses let our highly trained staff maintain their book keeping and prepare their VAT returns each quarter. This relieves you from this time consuming activity, letting you concentrate on operating your business.
Some businesses ask us to review their VAT workings each quarter. This would give you peace of mind that your records were accurate and complied with VAT legislation, and by running an eye over your books we have a regular update of your business activity which lets us provide advice during a year and not just at the year end.