How can Sli£k Bookkeeping help with my business VAT returns?
If your business is VAT registered then you will have already experienced the role of collecting VAT taxes for the government.
If you are new to being VAT registered then welcome to the 'unpaid' task of having to produce and submit VAT returns on a quarterly basis. Ensure that you submit your VAT returns in a timely manner, else expect a visit or fine from HM Revenue & Customs.
Many small business owners leave their VAT return to their accountant or financial advisor, more bills to pay OR more money to save!
Many small business owners are put off submitting VAT returns themselves due to time constraints and their belief of its complexity. BUT this does not have to be the case.
The Sli£k Bookkeeping Gold package incorporates a VAT analysis module that will simply and accurately record all income and expenditure that attracts VAT enabling the user to generate quarterly returns virtually at the press of mouse button.
The VAT module will prompt the user to confirm what VAT rate(s) are to be used together with both the start date and end date of the VAT quarter/period.
The VAT module provides a detailed report of all the business income and expenditure for the chosen VAT period. This report can be printed or saved for future reference, say a VAT audit by HM Revenue & Customs.
A further press of a mouse button then produces a report that replicates the actual HM Revenue & Customs VAT100 return form. The user then copies these details to the actual VAT100 return form before submitting it to HM Revenue & Customs.
VAT returns may seem a big overhead for the small business owner and many owners at times question the advantage of being VAT registered at all. But many business owners have little choice in not being VAT registered due to their actual turn over being in excess of the VAT registation limit or potential customers only being prepared to do business with VAT registered companies.
Smart business owners have found that by using Sli£k Bookkeeping Gold for their day to day business bookkeeping, they not only have a powerful tool to manage thier business fianaces, they also have for a painless and accruate way to generate and submitt their business VAT returns, which can be done in minutes instead of hours and sometimes days.
