We highlight here the key VAT areas you need to consider when running your business. If you are starting or have started a business in Lewisham, Bromley, Kent and London areas we, at Adiva Accountants in Lewisham, can help you comply with the VAT regulations.
The VAT registered businesses act as unpaid tax collectors. They are required to account both accurately and promptly for all the tax revenue collected by them.
The VAT system is policed by HMRC with heavy penalties for breaches of the legislation. Ignorance is not an acceptable excuse for not complying with the rules.
Below we cover some of the areas that you need to consider.
However, it is important for you to seek professional advice appropriate to your circumstances.