Common VAT Mistakes New Accountant Makes!!

Being an entrepreneur isn't simple which is the reason huge numbers of them are utilizing virtual accounting administrations to complete their assessment from experts as opposed to doing themselves. The HM Revenue and Customs(HMRC) is exacting about the VAT and any missteps or errors be it deliberately or accidentally can bring about you being punished by them. Be that as it may, entrepreneurs can pick tank redistributing administrations to complete their activity expertly.

Common VAT Mistakes

--------Recording and reporting errors:

-Failure to record VAT in accordance with their tax bracket

-Filing false reclaims

-Calculation errors

-Claiming VAT without purchase invoices

-Missing sales while filing return

-Filling duplicated invoices

-Confusing net figures with gross

-------Failure to pay VAT or submit VAT returns on time

Source: https://outbooks.co.uk/services/bookkeeping-vat-returns/