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Maintain complete vat books for hassle free accounting


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Once you have turned into a vat registered trader in the UK or even in some other country that follows vat you then should maintain complete vat books for hassle free accounting. These books of accounts have to record and display each vat transaction in detail, and can be of great help if you are subjected to a vat audit.

In the United Kingdom you’ll have to opt for vat registration upon completing 70,000 sterling pounds of taxable sales in the last one year of your business, although you could do this before reaching that vat threshold limit. After you have become a vat registered trader in the UK then you will have to obey all applicable vat rules framed by HM Revenue and Customs department or hmrc vat department. While there is no set way of maintaining books of accounts especially for vat, you will still have to be sure you store all details of vat paid and collected including invoice numbers, dates, vat rates, vat amounts, names and addresses of your dealings with assorted parties even though these were conducted in other countries, etc.

These details should also be summarized when you file regular vat returns on the yearly, quarterly or monthly basis, as decided by hmrc vat department. Your vat invoice too will specifically have to display your vat number, vat rate for each product or service, and the www.vatcheck.com total vat amount collected against that sales invoice. All of this data will also need to be mentioned in the sales books even as all purchase invoices will have to be summarized in the purchase books. Moreover, maintaining bank and cash books is mandatory for vat registered traders.

Maintaining such vat books on an up-to-date basis is extremely important since vat officers at hmrc might compare your vat returns and even your vat refunds and may decide to conduct a vat audit of your business. When this happens, vat officers might visit your business premises and would want to look at all your books of accounts to confirm certain doubts lingering in their minds. They might cross check vat invoices with your sales books or request certain confirmations on specific vat transactions only to confirm if they were indeed genuine ones. If all of your books of accounts related to vat are typically in order then that will make a favourable impression with those vat officers as well as prevent any penalties from striking down your organization plus your reputation.

If you have any problems to understand what exactly is vat then you certainly go in for the services of a capable vat agent that can assist you to create and keep all books of accounts associated with vat in a clear and methodical manner. You will need to maintain books of accounts related to vat for a duration of 6 years. Various vat schemes require different types of books and your vat agent would be able to guide you about the right format for your business depending on your scheme and vat classifications of your goods and services.

Maintaining proper books of accounts can help you to conduct your small business in a clear and seamless manner. In case you too now utilize vat in the United Kingdom then you will definitely need to maintain complete vat books for hassle free accounting and auditing.