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There are a lot of crucial factors to consider when it comes to business. Taxes are a particularly daunting aspect, especially for first-time entrepreneurs. The primary issue that you should aim to avoid is paying your taxes late since you’ll be getting into legal troubles and incurring monetary penalties.
Besides corporate and income tax obligations, business owners have to be mindful of their value-added tax (VAT) dues. This rate is charged for different goods and services, and should be paid to Her Majesty’s Revenue and Customs (HMRC). The standard rate is 20% for most goods and services. There’s also a reduced rate of 5%, which is charged for some products, such as home energy and children’s car seats. Food and children’s clothes, however, are VAT-exempt.
Again, you have to be heedful about your VAT bill and make sure to pay it on time. Here are some tips to help you:
1. Know The Deadlines
The first thing you should do is to be aware of the deadlines. Typically, most businesses that registered for VAT submit their files and payments quarterly to the HMRC.
You should know the different deadlines based on the schedule and accounting scheme your business adopts. For instance, the annual accounting scheme would entail making payments in advance based on your last return. For newly-VAT-registered businesses, you’d need to pay an estimate. You must also submit one VAT return annually.
You ought to consider the time when your payments will be credited to the HMRC as well. Online or phone banking and the Clearing House Automated Payments System (CHAPS) are the fastest, with same- or next-day completion. Direct debit, Bankers Automated Clearing Services (BACS), standing order, and debit or corporate credit card payments take three working days … Read More
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