When you hear the words VAT many people break out in a cold sweat, just the thought of all that work and for who’s benefit. Certainly not yours, or is it?
Phil Owen & Co Reclaiming VAT Advise
Phil Owen & Co Liverpool Accountants will help and advise you about reclaiming VAT, what you can reclaim, what and when you need to pay and what records you need to keep. It is not all doom and gloom as there are many areas that money can be claimed back. Almost any area where you use a thing for your business can have an element of its cost claimed back.
For example; if you use your any part of your home as office space you can claim a percentage of the VAT from your utility bills, so if the room/s you use are 20% of the house that is the percentage of you bills VAT you reclaim, the same is true for your mobile phone whatever percentage of your calls are to do with business you can reclaim that part of the contract plan VAT payments.
To start with it will take you time to understand it all but with Phil Owen’s Liverpool Accountancy team giving assistance whereever needed you will soon find out just how beneficial it is to your businesses cash flow and overall VAT payment reduction.
Why Check you are Claiming the Right Amount for VAT
Phil Owen & Co Liverpool accountants will take care of your VAT returns but in order for the correct amount to be claimed it is imperative that you keep records that are easy to follow and are up to date. These records must be accompanied by relevant VAT receipts for the amounts that are being reclaimed. Trying to justify any claim without VAT receipts will not be accepted and therefore will cost you money, but done correctly the amounts saved can be quite considerable.