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You know nothing about VAT accounting, but that does not mean you should be unaware. If you are a VAT taxpayer, the more you know about it, the more benefit you and your business can gain from it. Here are five important things you need to know about VAT Accounting
1 -. VAT registration and deregistration
How do you know whether you need to register or de-register for VAT? If turnover is more than £ 68,000 a year, you must register for VAT. If your sales in the year under £ 66,000, you are allowed to de-register. Once you have registered for VAT, it is already VAT consultant will be useful to you. They can advise you on the latest regulations and keep you and your business on the good side of HM Revenue and Customs
2 -. VAT Schemes
Companies that are registered for VAT has to account for tax when they invoice customers or their suppliers when their accounts then. HM Revenue and Customs has a number of VAT system that allows your company to save time, or account for VAT when they are actually paid. To work out which system met suits you, seek competent advice of an experienced VAT consultants
3 -. VAT Records
There is a legal obligation and duty to keep detailed records of the VAT tax paid or received. You have to keep these records for a certain number of years and there are penalties for ill-kept records. Keeping accurate records of VAT will help you avoid paying too much tax. To find out more about keeping detailed records VAT number of the VAT accounting expert
4 -. VAT Responsibility
Do you know what your responsibilities are VAT? If not, you may fall foul of VAT penalty system. VAT consultant will tell you the VAT liability and help you stick to them. You do not have to be a VAT expert when you have a VAT consultant, they’ll keep you informed of all your obligations on VAT
5 -. VAT Penalties
As of 2009, brand new VAT penalty system is in place. There are two points where the penalty will apply. The first is the case of failure to report under-estimates. This happens when the VAT return is submitted and Customs to assess food. If this estimate is lower than was the case it should be and the taxpayer does not inform HM Revenue and Customs, it is the responsibility penalty.
Second, when someone submits a document that contains an error, this will also call for punishment. An error occurred when the fair is not observed, will be punished with a 30% penalty. Villa is deliberately not covered by HM Revenue & Customs will be penalized with a 70% penalty of a fine. Finally, the error is deliberate and concealment can prove will result in 100% penalty. By using professional VAT consultant, you can avoid making mistakes and paying the price for it.
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