06 Dec Why you should seek VAT advice
Taxes and VAT are a nuisance that every business owner has to deal with. While paying taxes is an accepted part of life, having to spend time and money working out how to pay taxes can be beyond frustrating. It is, however, worth taking the time and seeking the right advice in order to get your VAT payments right. Here we explore why seeking VAT advice is the right move for every business.
Stick to what you know
Whether you run a business making furniture, selling online or offering services, it is unlikely that taxes and VAT are your forte. Trying to get your head around taxes may seem like the easiest step to take, but the chances of making a mistake are high and the consequences just aren’t worth it.
Avoid the consequences
The consequences of paying the wrong tax or VAT are punitive and can be enough to ruin a business that has made simple accountancy mistakes. You’ll not only have to repay the money that you failed to pay, but you’ll also have to pay a fine and interest on the money that you didn’t pay in the first place. As such the cost of incorrect payment can be far greater in the long run.
Advice can save you money
As well as helping to ensure that you are paying the right amount, seeking VAT advice can help you to identify ways in which you can save and reduce the amount of VAT you are paying. An accountant will be able to tell you the tricks of the trade to ensure that you are paying the lowest levels of VAT possible. Without advice, however, you can often be paying more than you need to and be putting unnecessary shackles on the ability of your business to grow.
Seeking VAT advice is a must for any new business and for established businesses that have been doing the same thing for a number of years too. VAT rules and regulations are frequently changing so it is vital that you update your accounts and keep abreast of the requirements.