How Confident You Are When It Comes To Filing VAT Returns?

Posted by Jillqer White on September 26th, 2018

Whether your business is small or big, there is a lot to handle to keep up the finances balanced. You might have been filing for tax for years, probably since the day your business exists. All this work demand is attention to detail because a minor mistake can be the reason for your severe headache. No one will spare for a minor mistake you make as this will have a huge effect on your business outcomes.

Here are 9 major mistakes that you can make unconditionally while filling for VAT returns in Bromley.

No. 1 Timings

The wrong timings for filing the tax can create a great trouble for your business. As if you are handling your business in different states, you have to consider the tax payment methods and dates according to the state you are dealing in. Most of the states prefer electronic filing for VAT returns. Therefore, we highly recommend not to choose DIY filing process you are the master of tax returns.

No. 2 Incorrect Tax Point

It is very important to keep the record of dates when you purchase the product as it can determine the tax point. A common mistake is when you make the deal near the end of a tax quarter. This can mean they end up on the wrong return.

No. 3 Incomplete Invoices

Correct invoices become obligatory when it comes to filling the VAT as they hold your business details that include;

• Business name and contact number

• Customer’s details

• Registration number

• VAT rate used and other such details.

The major mistake people often make is to add up one invoice twice which reverse the whole process.

No. 4 Records

Your records determine how much tax one has to pay and when. Therefore, if your records are not properly maintained, the chances are high that you suffer some loss. To avoid this problem, it is better to hire bookkeeping services in Bromley so that they can organize your record. The professionals keep an eye on every little purchase or sell your business made so that you can have the accurate evaluation of the tax return. Stay in touch with your bookkeeping professionals to know the incomings and outgoings of your business.

So, stop making these mistakes and get your business on track.