Helpful Tips

  • Always submit the VAT return and payment on the date it is due
  • Keep all records and accounts up to date
  • Never deliberately hide sales and/or income
  • All business records must be retained for 6 years, this includes diaries, till rolls, waiter pads, and any record used to record day to day business transactions
  • Ensure DGT (daily gross takings) records are retained and Z reads run in a numerical order.
  • If there is a discrepancy relating to the DGT Keep evidence and information as to why this has happened.
  • Keep up to date with VAT changes and updates.
  • Ensure any errors are rectified and if the net error is £10,000 or more notify HMRC immediately.
  • Evidence must be retained to support Input tax recovery
  • Input tax cannot be recovered on business entertainment,
  • Keep all fuel receipts as evidence to support VAT recovery using any of the four methods allowed by HMRC.
  • If you are using the Flat Rate Scheme ensure you include all of your gross income, including income which is exempt from VAT.
  • If you experience any difficulties with paying a VAT bill, speak to HMRC and enquire about an alternative method of paying.
  • If you have a VAT Inspection, ensure you offer the VAT officer refreshments!