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5 Top VAT Tips for Businesses


    Own a business and want some advice on VAT – then read on.

    1. Review The VAT Return Processes To Prevent Late Filing Along With Payment Surcharges

    Many companies frequently are exposed to penalties when it comes to not paying their VAT. Some state there is not enough funds available, but they are not aware of how important it is to pay on time. Or in some cases they sometimes forget. However, HMRC is not likely to accept these types of excuses, and they will impose a surcharge in the form of a percentage of the unpaid VAT.
    Making the decision to dedicate any cash that is available to paying the outstanding VAT and then making an agreement to a time-to-pay arrangement associated with the outstanding balance before the date that is due can assist in avoiding a late-payment surcharge. If you have made an error which has resulted in receiving a penalty, you should appeal.
    As your company starts to grow, the staff that work with your accounts will typically start to process transactions values and volumes that are higher. A basic overview of the VAT return process along with the safeguards are able to highlight the weaknesses before an issue arises. Documenting the processes and setting reminders and instituting a plan for staff-absences can all assist in avoiding problems. Click to continue reading

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