We’re an accounting establishment known for specialising in several areas. People consider ours the number one company working in VAT returns Stratford has. VAT compliance is something that’s become increasingly complex over time. So, we offer an effective and cost efficient service that can help everyone to manage their affairs.
The new VAT penalties regime was introduced back in January. So, submitting timely and accurate VAT returns is more important than ever.
Finance leaders probably won’t be preparing their VAT returns from scratch for their companies. You might not have had the experience of doing so yourself. Either, you will have someone on your team to prepare them, or outsource the work to a third party. Even if you are not doing the work yourself, you will still have to vouch for the accuracy. This way, you can stop possible fines and any time you may lose. We have some tips to share that will aid you in staying on HMRC’s good side.
Reconcile
Firstly, you should reconcile your VAT return. This is a critical check to make certain data is accurate in returns and accounting software. Neglecting to do it can result in you submitting inaccurate info. Any hours you spent will be ones unpicking entries linked to accurately filed returns that you’ve entered improperly in accounting software.
Software vendors should have the means to run reconciliation reports automatically. However, you still have to vouch for the output of HMRC submissions. The input total and net output of your sales and purchases, as well as the VAT output and input totals, should match the VAT return’s values.
Inspect underlying data
Second, you should inspect the underlying data. Take time to review it so you can guarantee transactions have the correct classifications. Most accounting software permits users to drill down into the separate transactions behind every box in VAT returns. Export this into a spreadsheet. Highlight related transactions. Have team members offer supporting invoices for sales and purchase invoices that are uncommonly big.
Check the period
Our final tip is to lock the prior period after submission. It’s not hard for workers to make a typo and enter purchase VAT invoices with the wrong month. However, this causes an inaccurate VAT return thanks to you entering transactions in the wrong period. Such a situation can take much time and effort to rectify. To eradicate this risk, lock accounting software following the submission of returns. This way, you can only input transactions for the present live period.
Get professional help with VAT returns in Stratford
At Brian G Lonis & Co, we help everyone understand the tax implications of their actions. Our team will aid you in planning ahead as well as managing your affairs correctly. We’ll work closely with you every step of the way to make sure you have the best support.
So, get in touch if you need help from the most experienced business specialising in VAT returns Stratford has. Our prices are fair, ensuring you only pay for the services you need.