VAT and Payroll

Although the Inland Revenue and HM Customs and Excise offer free training sessions, telephone support lines and informative websites, the operation of some aspects of VAT and payroll can be confusing – even to accountants. So, if you do happen to get it all wrong, it will of course cost you more to put it right.

There is no substitute for having professional and qualified experts like Tax Data Ltd to carry out the work for you and ensure you comply with new regulations as they come into force.

Talk to us about out-sourcing your quarterly VAT, bookkeeping and weekly/monthly payroll runs. We will surprise you how cost effective we are.

VAT Bookkeeping and Advice

If there is one aspect of being in business for yourself that seems to strike terror into the heart of the owners, then it has to be VAT. We have seen people even stifle their business potential by not trading for several weeks to avoid going over the compulsory registration limit. In certain circumstances this may well be justified, often it is misguided.Why that should be, is something we can never understand. VAT accounting is easy. You just have to be organised and consistent in the approach you take to writing up your sales, purchases and bank accounting records. Tax Data Ltd offers a complete ‘cradle to grave’ VAT bookkeeping service that will allay all your concerns.If you are trading and not currently registered for VAT, your main concern will be to make sure you keep a careful track of your moving 12-month sales figure. If it goes over the VAT registration limit you must register for VAT and start charging it at the end of the following month.It is missing the compulsory registration date that causes most small businesses problems. If the trade is seasonal and prone to wide variance the trader could exceed the registration limit without realising it. They discover the problem sometime later when preparing their annual accounts. They then have to pay over the VAT they should have charged along with penalties. In many cases the trader will be unable to recover the VAT from their customers. Where we do the bookkeeping, we will keep an eye on this for you. If you do your own bookkeeping, we can show you how to check your turnover. For client’s where we do the bookkeeping we will attend any VAT compliance visit. To date, these have all been given a complete clean bill of health, which has to say something about our methods and VAT bookkeeping standards.

If you are worried about any aspect of how registering or deregistering for VAT may affect you and your business, then please give us a call on 01737 551904.

We will be pleased to help.

Published 13 September 2017.

Updated 15 October 2017.