Value Added Tax (VAT) is a complex tax levied on a business, which you have to charge your customers and are then allowed to recover some of it, on your purchases. It represents one of the largest trading costs to any business.
It is very easy to inadvertently overpay or underpay on VAT, as the rules are complex and frequent changes in regulation, means you have to keep up-to-date to avoid any issues. There is also, VAT planning which should be considered, to assist your business manage its cash flow.
The demands from HMRC on this tax are very high, as it is easy to get it wrong and for them to find mistakes. If they do find a mistake, they will demand the tax, as well as penalties & interest and to make it worse, they can go back a number of years, taking it, you have made the same mistake each year. So the cost of an error, can be very expensive.
Instructing a professional to take care of this for you, helps protect your bottom line (profit) of your business, as well as protecting the business against any potential HMRC enquiry and costs associated with that.
To find how our VAT service could help you, call us or complete the form below for us to call you back.