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If you are
registered for VAT one of the recurring nightmares can be the preparing of
your VAT return. In
principle, it should be a simple matter, particularly if you have established
proper routines for recording the transactions. However, there are so many
special schemes and special rules, as explained in our VAT guide that it is very easy to get it
wrong. The problem
is that even small errors can produce large monetary differences, because the
errors might be being repeated and applied to many transactions. Also, the
penalties for getting it wrong can be quite high. It is often wise to seek
professional help. If proper
systems are designed and followed, then the VAT records can also be of
assistance in preparing annual accounts. This therefore means that if the
professional services of Peter Brown & Co are used to maintain your basic
records and prepare your VAT return, it can lead to savings in the cost of
preparing annual accounts. Often, for
many businesses the cost of preparing a VAT return each quarter can be
relatively low when measured against the reduction in annual accountancy fees
that can result |
Last revised 12/12/02