We recently had a stark example of the seriousness of penalties and how they can mount up when we discovered a new client had not been paying their VAT returns in full, instead sending off ‘round sum’ cheques periodically to reduce the amount outstanding. But VAT surcharges were being levied on each of the quarterly returns at the rate of 15% of the amount due for each quarter. The total surcharges had reached over £50,000. To avoid these horrors it is good practice to transfer to a deposit or savings account the VAT collected from customers each month.  

WHAT OUT CLIENTS SAY?

Friendly, efficient and personalised service that has consistently met the needs of a developing organisation – highly recommended.

Sue Gower – Bexley Crossroads Care Ltd

For small businesses, outsourcing the bookkeeping and accounting functions is a practical and cost-effective solution for ensuring they comply with the need to keep proper books of account and to meet  the various filing deadlines such as VAT, PAYE, annual accounts and tax returns. Missing the deadlines can be very expensive, with fines, penalties and interest charges, perhaps running into hundreds of pounds.