- info@hentonsaccounting.co.uk
- 01444 523444
As your business grows, so does the amount of paperwork. Fortunately for you, Hentons Accounting can keep your finances organised, so that when the time comes to create financial reports and make important business decisions, you’ll have an up-to-date overview of where you stand.
Preparation and online submission of Vat returns.
Cross-referencing the books against bank statements and other source documents to confirm accuracy.
Updating sales, purchase and nominal ledgers.
Get on top of your accounts and stay there. Purchase ledger, Sales Ledger, Journal entries, processed. Bank accounts reconcile every month so your books are ready for end-of-year accounting.
Make VAT work for you and your business with quality, jargon-free VAT accounting services. VAT can seem like an overbearing beast for any business owner to deal with, but with help from Hentons Accounting, you can take advantage of various schemes and legislation to make VAT work for you.
Keep VAT records for at least 6 years (or 10 years if you used the VAT MOSS service).
Keep copies of all the sales invoices you issue even if you cancel them or produce one by mistake
Keep all purchase invoices for items you buy
If you’ve lost a VAT invoice or it is damaged and no longer readable, ask the supplier for a duplicate (marked ‘duplicate’)
You cannot reclaim VAT using an invalid invoice, pro-forma invoice, statement or delivery note
HMRC can visit your business to inspect your record keeping and charge you a penalty if your records are not in order.
Most businesses use the Standard VAT scheme. Whereby the amount of VAT you pay HM Revenue and Customs (HMRC) is the difference between your sales invoices and purchase invoices.
You have to report these figures and pay any money to HMRC even if the invoices have not been paid. There are various different schemes available for these payments dependent on your business type.
There are 3 standard VAT retail schemes:
If your turnover excluding VAT is over £130 million you must agree a bespoke retail scheme with HM Revenue and Customs (HMRC).
You can use a retail scheme together with the Cash Accounting Scheme and the Annual Accounting Scheme.
You can join a retail scheme at the beginning of any VAT period. You don’t need to tell HMRC.
It’s up to you which scheme you join. The calculations you have to do vary for each scheme.
At Hentons Accounting I can help you navigate all areas of VAT and can even act as an agent to submit your returns to HMRC on your behalf. Say goodbye to long, arduous phone calls and data entry and hello to managed VAT accounting.
