Getting to grips with your VAT return preparation
Once you have reached the VAT threshold you will need to register for VAT and make a quarterly return to HMRC. Many small businesses find this an arduous task and so put it off until it is unavoidable – creating unnecessary stress and wasting valuable time. Bigger businesses have the luxury of an in-house accountant and finance team that are dedicated to meeting all the filing deadlines. Small businesses need to keep on top of all these requirements themselves and, with fines imposed for late or inaccurate returns, it’s an important thing to get right. That’s why, for many small VAT-registered businesses, the option to use outsourced VAT return services to get some help with collating all the relevant info is a good one. You can place the initial preparation in capable hands, knowing that your records are being kept up to date, and therefore it is easier to provide your accountant with a reliable and accurate set of information for them to calculate and submit your VAT return.
Working alongside you and your accountant
If you use accounting software, give your outsourced partner appropriate access so that they can enter and prepare the right information at the right time. That means that your records are always up to date and there are no discrepancies because people are using different systems. Your assistant will work with you closely, to make sure you are happy with the processes and procedures, so that you can be confident the task is in safe hands. Likewise, your virtual assistant can work alongside your accountant, supporting them at all key points in your financial calendar making sure they always have the correct information so that you don’t have to.
Peace of mind
Outsourcing this to a trusted assistant takes a whole lot of worry off your plate. It leaves you to concentrate on what matters most – building a successful business – whilst knowing that important administration will be done on time and to a professional standard. Effectively, it adds an extra resource to your business – but one you only pay for when you use it. That makes it great on the budget too.