advice on vat

[mark ross]

time it will take to work what out?
ive never had any problems with it, if you have a spread sheet set up on excel its a doddle it works out the vat for you.it takes my other half about an hour a month to do the paperwork for me, and we have a lot of in and out payments. you dont have a choice if your around 70 grand turnover and above anyhow,which isnt much these days to be fair, with everything added up.

We use Sage accounting software to carry out the VAT calcs. In addition to this and same as Owl , we carry out a basic Excel spread sheet as a safety cross reference for our own piece of mind. The return is then filed on line, which gives us a few extra days grace on the payment. To avoid non payment we set up an on line pre dated payment the day the VAT return is finalised.

If your on the ball , you should have no grief at all. VAT registration and return deliverence in my opinion puts you in a position where you accounts are pretty much always up to date,which makes things like checking your P and L easy , giving you a much more accurate picture of you business's performance.

 

[User___removed]

as owl`s said,it has benefits.if your supplying materials on a job,you charge them out with the vat,then claim them back.also with fuel,tools and any other work related things.it all adds up at the end of the year.if handled properly,your business will benefit.although if you do alot of domestic work you will have to put your prices up 20% to cover costs.