If you are on the verge of registering for VAT for the very first time, you will very likely feel a bit anxious about what is required. You know already that there will be some additional work involved in making sure you meet all the requirements and you manage to successfully do everything that is needed.
But this is the best time for you to ensure that you get off on the right foot and you have all the help you will need along the way. Many people assume that they have to struggle all on their own to get their VAT returns sorted out, but of course this is not the case. There are some possibilities you can think about before the actual work involved with VAT begins.
For starters you can enlist the help of other people within your business if this is a suitable idea. This may not work for everyone, but there are plenty of partnerships that have a business together. It may not be ideal for both partners to become heavily involved in doing the VAT side of things.
In contrast you may want to hire someone to do the VAT for you. Even just an hour or two a day could be all it takes to do the required paperwork and get everything straight. This could make all the difference between being organised for the three monthly returns – or not being organised at all.
Don’t forget your accountant either. They will have a wealth of knowledge about VAT so be sure that you squeeze as much of it out of them as you need. If you are starting to pay VAT for the first time it will probably pay you to contact your accountant for a meeting so you can learn more about what is required.
Preparation is certainly the number one factor here. And within that comes help. It doesn’t matter how good you are at keeping your accounts up to date; the more you know about VAT in the long run, the better.
It is easy to get a bit scared and nervous about VAT to begin with. It is a new thing for you and your business to get to grips with, and obviously you need to do it right. But that is when your knowledge of it will come in useful. The more knowledge and sources of help you have to make sure you get it all done quickly and efficiently, the better. Whether that means someone should take on responsibility for doing the VAT returns, so be it. But even then you should find out all you can so that if that person goes on holiday, you can still cope and get done what needs to be done.
In this sense the person doing the job can help you, as they will make sure you can cope if they are away. Don’t shrink away from VAT – learn all about it and get all the help you need to succeed and make things easy for you.