Covid-19 (Coronavirus) Update
Coronavirus is having a huge impact on all sectors of business. Despite this, businesses are still having to manage their books, file VAT returns, run payrolls and most importantly their credit control processes. TFMC is continuing to provide our full range of services through this difficult time. For the latest information and support visit our Blog section or use our app with regular updates sent direct to your phone.
The Financial Management Centre shares clients VAT story
A previous client of TFMC had an accountant already, but felt she needed additional help with her accounts throughout the year. The company was registered for VAT and when we asked for a copy of the VAT Returns we were presented with the yellow HMRC ‘VAT Estimation’ forms. We queried this and were told that our client waits for this yellow form to be received and then pays the amount it states. She thought this was the correct way to do VAT Returns as was not advised any different.
The outcome of this involved taking her accounts back to the start of trading (12 months or so) and submit the VAT Returns to HMRC as should have been done originally.
This exercise, luckily enough resulted in a refund of overpaid VAT but it could have had a serious opposite effect.
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