As a VAT registered business, particularly to the unfamiliar, errors, delays, and late submissions can become common. These hiccups can lead to penalties, red flags and can even prompt a full HMRC investigation which can bring upon you a nightmare that you really don’t want to endure.
It could even put you out of business entirely. As dedicated account managers, your assigned VAT specialist can be trusted to take care of all your business VAT matters.
Within a three-month accounting period, your processible VAT Returns include records on your company’s total purchases and sales, the VAT amount your company owes, the amount you are eligible to reclaim, and the amount of any VAT refund that is due from HMRC.
All businesses that are VAT-registered must submit their VAT returns accordingly, regardless of the payable and/or reclaimable amounts.
In cases where there is no payable VAT or VAT to reclaim, business owners often resort to not having an accountant at all, which then leads to their company not filing anything. Some believe that doing it this way helps them save money – however, it just leads to additional costs and neglects the relationship between your business and HMRC.
Your accountant is responsible and will oversee the whole procedure of filing your VAT returns on every quarterly cycle, without error, and without delay. To help you save more, we thoroughly conduct your VAT reviews to make sure that you pay the lowest amount of VAT due, whilst staying in full compliance with VAT regulations.