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Maintain complete vat books for trouble free accounting


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Once you have converted into a vat registered trader in the UK or perhaps some other country that follows vat you then should maintain complete vat books for trouble free accounting http://vatverification.com. These books of accounts have to record and display each vat transaction in detail, and may be of great help if you’re put through 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 twelve months of your business, even though you can still do this before reaching that vat threshold limit. After you have turned into a vat registered trader in the United Kingdom then you’ll need to obey all applicable vat rules framed by HM Revenue and Customs department or hmrc vat department. Although there is no set way of maintaining books of accounts specifically for vat, you still need to ensure that you store all details of vat paid and collected including invoice numbers, dates, vat rates, vat amounts, names and addresses of your dealings with various parties even if they were conducted in other countries, etc.

These details should also be summarized whenever you file regular vat returns on a 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 also the total vat amount collected against that sales invoice. All this data will also need to be mentioned in your sales books whilst all purchase invoices will have to be summarized in your purchase books. In addition, maintaining bank and cash books is required 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 choose to conduct a vat audit of your business. In such a case, vat officers might visit your business premises and may want to go over all your books of accounts to verify certain doubts lingering in their minds. They may cross check vat invoices with all 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 pertaining to vat are typically in order then that would create a favourable impression with those vat officers and also prevent any penalties from striking down your business plus your reputation.

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

Maintaining proper books of accounts will 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’ll definitely have to maintain complete vat books for trouble free accounting and auditing.