- VAT (Value added tax) is a statutory tax applied to all businesses with a turnover exceeding £100,000 per year. The implementation of the correct tax being declared is controlled by HM Revenue and Customs (HMRC). Therefore, early registration must be made before the stated level of turnover is reached to ensure that penalties are not levied on any unpaid tax undeclared.
- The procedures in which we account for VAT, requires us to validate carefully all purchases receipts and incoming funds, to ensure that the right level of tax is due
Although M. P Watson & Co, keep electronic records for the mandatory 6 Years, we recommend you keep the originals and them up for your security.
Copies can be requested at any time to keep your records up to date.