For a lot of businesses, being VAT registered is advantageous. You can claim VAT refunds on goods and services, as well as improve your business image to customers. While some businesses become VAT registered voluntarily, it is a necessary step for companies that have a turnover of more than £85,000 a year.
The downside to being VAT registered is that you are going to have a lot more paperwork to deal with. Indeed, it is often complicated and time-consuming for business owners to deal with. While some business owners choose to take on this huge task themselves, others opt for a reliable VAT returns service in London. Let’s take a look at the differences between doing your own VAT returns and choosing a professional VAT return service.
Doing Your Own VAT Returns
Of course, it is possible to do your own VAT returns. If you have experience in this topic and know what you are doing, you might be comfortable taking on this task. Indeed, if you only have a few clients and your business is simple, you might find it easy to submit VAT returns since you have all of the information at hand. Since VAT returns can be submitted to HMRC online, this means that you can complete them in your own time.
But, for the majority of business owners, this is not a task that you look forward to. In fact, a lot of owners admit that this is the most stressful time of the year. There is no doubt that VAT returns can be complicated and unless you know all of your figures and numbers off the top of your head, you are going to spend a lot of hours trying to submit them. Simply, this is time and energy that a lot of business owners do not have.
Let’s not forget that HMRC does not take mistakes lightly. In fact, if you are found to have made a mistake with your numbers, you can incur a heavy penalty. Often, this includes paying a fine. This is the last thing you want to pay for when it could have been avoided. Indeed, this is often the motivator business owners need to consider working with a VAT returns service in London.
Choosing a VAT Return Service
Another option you have is to work with a professional and reliable VAT return service. Just as you would expect, an expert team is going to advise and complete your VAT returns for you. You are kept in the loop at every stage but without having to do all of the hard work yourself.
A lot of business owners will tell you that VAT returns are complicated. With a professional, team, you are going to have access to expertise and knowledge from many years of experience. They are going to know all of the complex terms and how to complete all of the right calculations.
Taking on this role yourself means a lot of hard work, as well as it being time-consuming. Choosing a VAT return service makes your life a lot easier, allowing you more time to carry out other tasks for your business.
Most importantly, working with a VAT return service is going to offer you peace of mind. You can know that experts are completing your VAT returns on time and without error. This means that there is no risk of having to pay penalties and fines.
What’s more, it is possible to have a VAT inspection. This is something that HMRC and their local officials can do at any time. The good thing about choosing a VAT return service is that they are going to be familiar with the VAT regulations and know what takes place during a VAT inspection. They can keep records properly maintained, as well as filing returns accurately.
The Decision Is Yours
An overwhelming number of businesses are discovering that VAT returns are very complicated and time-consuming. In addition, they are figuring out that errors cost money. If you have knowledge and experience of dealing with these types of calculations and corresponding with HMRC, you may be comfortable dealing with this duty on your own. But, if you are an ordinary business owner without this knowledge, the best idea is to choose a VAT return service in London. This is going to allow experts to maintain your records and submit your VAT returns on time and accurately. This allows you to focus on other tasks to do with your business.