VAT compliance is something that many people struggle with. This is not surprising because of how difficult it is nowadays. Luckily, we are the top company for VAT returns Stoke has. We see to it that clients adhere to the rules surrounding this topic. In addition, we make certain that they aren’t overpaying in any way.
Due to the complex nature of VAT, countless businesses simply bury their heads in the sand when they have to deal with it. Of course, this won’t do you any favours. What we’re going to do here is examine the most common VAT problems firms encounter. This will aid you in making sense of this subject.
Entertainment
Companies cannot recover VAT from entertaining anyone who isn’t an employee. In other words, you cannot claim costs for suppliers. It’s the same with subcontractors and clients. Entertaining is one of the most ordinary costs for small businesses. Regardless, it’s still important to be aware of the rules. You shouldn’t attempt to retrieve any of the funds you spent here. If you do try, then you’ll risk penalties and interest charges.
Procrastination
Don’t procrastinate either. Because of how stressful the end of the financial year is, many companies feel pressure to rush through. Leaving everything until the last minute doesn’t exactly benefit a firm. Therefore, you must make plans to avoid this situation. You always need to keep VAT in mind. In addition, you’ll have to review your VAT position through the year. Adhering to deadlines is vital too if you don’t want any penalties.
At Brian G Lonis & Co, we offer a series of VAT services. These include advice on planning and administration, help with completing returns, and assistance with registration. We are capable of much more as well. As a result we are the go to team for VAT returns Stoke Newington has.
If you would like additional information about us, feel free to get in touch anytime.