Dundee-based accounting firms can ensure that you have your books in order and that you have submitted tax returns correctly. Below, we are going to take a look at some of the costly VAT mistakes business owners make when they do not use the services of one of the best accountants Dundee has to offer.
One of the biggest mistakes you can make is entering the wrong figures on your VAT return. This can easily happen, especially with regards to box six, which asks for the total value of sales and all other outputs excluding any VAT.
A lot of people also make the mistake of using the wrong flat rate percentage, or simply choosing the wrong VAT scheme. Leading accountants in Scotland know the different VAT schemes like the back of their hand, and they will be able to advise you on the most efficient and cost-effective scheme for you.
Additional common errors include:
• Incorrectly claiming for VAT on vehicles and fuel:
• Claiming back VAT on non-business use expenses
• Lack of satisfactory evidence to support VAT reclaims
• Using the 1% reduction beyond its expiration date
Aside from this, some business owners have also accidentally claimed back VAT twice; failed to account for VAT on services from overseas suppliers; and/ or failed to repay VAT on supplier invoices.
Finally, the number one most common error that business owners make is poor bookkeeping. This can easily occur when you have myriad other tasks to think about, which is why it is good to have the help of an expert accountant.
To avoid all of the mistakes mentioned above and work with one of the best accounting firms based in Dundee, contact MMG Chartered Accountants!
We offer a wide range of business tax services, and we have an excellent reputation to back it up. Find out more about our services by heading to https://mmgca.co.uk, or speak to our team directly on 01382 322004.