It is essential for all size of business that their books are kept ‘in order’. But such task can be time-consuming and frustrating, which is why businesses usually outsource their books to keep their costs down, leaving them more time to focus on the activities that truly generate income and results.
The preparation of your annual accounts and other business reports depends on accurate and timely bookkeeping. Blue Line Consulting Ltd can assist your business by:
- Entering purchase ledger documents (bills)
- Entering sales ledger documents (sales invoices)
- Preparing bank reconciliations
- Preparing trial balances
- Producing creditor and debtor report
- Preparing cheque payments
- Setting up computerized or manual bookkeeping systems
Submitting a VAT return for each VAT period (normally quarterly) is mandatory for all VAT registered businesses. We can help you register, if you’re business isn’t yet VAT registered with HMRC, .
VAT returns summarise all of your business transactions that took place during the previous VAT period for the purpose of calculating how much VAT is due to be paid.
The net difference must be calculated between the total VAT you’ve charged customers and the total VAT you’ve been charged for purchases made relating to business activities.
If you’ve paid more in VAT than you’ve taken in, then you can reclaim the difference. If you’ve taken in more VAT than you’ve paid, then the difference must be paid to HMRC.
Costly penalties can be implemented by HMRC if your VAT return isn’t submitted on time, if it contains careless or deliberate inaccuracies, of if you fail to pay the correct amount of VAT due.
We prepare and submit your VAT returns for you. All you need to do is provide us with a record of your sales and purchases from the previous VAT period.
We also offer assistance with creating and maintaining records of your income and expenditure throughout the year to ensure that the data on your VAT return is accurate.
An overview of what we’ll do for you:
- Setting up your account correctly so submissions can be made online.
- Ensuring your VAT return is accurate and on time.
- Acting as your ‘agent’ and submitting your VAT return online (or providing the figures for you to submit your own return).
- Completing EC sales lists (ECSL) if you’re supplying goods and services to other EC member states.
When it comes to paying your VAT return it’s worth seeking professional advice. There are better ways to spend your time than doing VAT returns.
Also, if you do your own VAT returns, it’s easy to accidentally overpay, underpay or not put enough money to one side to pay your bill.