Keeping on top of your VAT responsibilities as a small business can be difficult.
We have put together some tips related to VAT to avoid you from making any mistakes or being unsure where to begin.
Whether you plan on starting your own business one day or have recently made that dream a reality, this will help.
Knowing when to register
You should familiarise yourself with the rules of VAT and when you must register as a business to begin charging VAT on your products/services.
You must register if your annual turnover is £85,000 over a 12-month period.
You can decide to register voluntarily even if your turnover has not reached this threshold.
Join a scheme that will benefit your business
The Flat Rate Scheme was designed to help smaller businesses with their VAT and simplify the process for you.
There are other schemes you can also look into, to decide which might be most beneficial for you.
Consider an online software
Many businesses use an external software to make their returns simpler.
This can save you time and cut down on mistakes when you need to file your quarterly returns.
Avoid VAT penalties by keeping track of your payments
If you are routinely late submitting and paying your VAT returns and payments, you will start to rack up penalties and VAT penalties have recently changed.
It is better to avoid any penalties at all so keep on track of all payments and returns needed.
If you are unsure about anything related to VAT, get in touch now