Business & Personal VAT Compliance In HMRC always have the responsibility to ensure, whether you
are an individual or a business, your tax returns are correct. VAT compliance
is something that everyone has to achieve or you could face unwanted penalties
and fines to make sure you do pay the correct amount.
Gilmour & Co
can ensure that your VAT payments in are always made correctly and you
have a good understanding of all VAT legalities. With planning, registration
and submission services available, we can deal with every aspect of the HMRC
for you or your business.
What Are Compliance Checks? Compliance checks are made to ensure that all VAT registered
companies who have to pay this tax are honest with their tax returns and make
completely accurate payments. Often, something will trigger a check such as
incorrect figures in your return or when figures do not match up to the size of
the business.
Although this could be an honest mistake, this can cause
checks for your VAT returns, which will lead to more work with the HMRC to make
the correct changes and correct your return figures. Submitting incorrect
information will only create more work for yourself to correct this, which can
be extremely time consuming.
If your business has complete VAT compliance, it removes
this process entirely as no checks will have to be made. Our team can provide
advice and assistance throughout to ensure your VAT submissions are
always correct.
Submitting Correct VAT Returns We can represent any client during VAT checks and we can
ensure your returns are adjusted so they are correct for the HMRC. Checks can
take varied amount of times as every case is different, with some being small
errors and other needing more comprehensive details changed.
To ensure you have VAT compliance first time round, you
should always keep records of all transactions and products sold throughout the
year. This will help you submit returns much more accurately, without any error
that will cost your business time and money. Our team can offer advice and
planning services in as well as using the correct systems to guarantee
complete accuracy.
As VAT can also represent a key factor in a business� cash
flow, it is important to plan for the payments that you will have to make. If
you are not compliant with VAT, this will leave you unprepared for costs in the
future.
Contact Us If you have personal or business VAT returns to make, make
sure your VAT compliance is completely correct. Contact Gilmour & Co today
and ensure your returns are always correct. Call us now on 02893 351 116 .