Coping With VAT Returns

If you run a small or medium sized business and have had enough of filing VAT returns, you’re not alone. VAT returns can be complicated and there’s no getting away from that, but there really is no reason why they should be the cause of either frustration or taking your eye off the business ball.

When it comes to making sure you are up to date with your VAT, you need to make sure that your VAT records are complete and you also need to work out the VAT you are due to pay, or reclaim from HMRC. Put that way, VAT doesn’t sound overly taxing, but it really does present a huge challenge for many small business owners.

So how can you make your life easier? The answer is Xero.

 

VAT return being done in the office

 

Xero is an online accounting tool that can help make your VAT returns process a whole lot less stressful. Letting you file returns at the click of a button, Xero isn’t only a good-looking accounting package, it’s hugely time saving and easy to use to boot. With two different options for filing your VAT return, there really is no reason to stress over this chore any longer.

Filing your VAT return online using Xero really couldn’t be simpler. All you need to know is your HMRC online filing ID and password. Thereafter you simply choose the reporting period, prepare your return and click the green button. Once you’ve checked the date you’ve input, you simply publish the outcome and you’re done.

Here are some questions you may be facing right now:

I currently do my VAT returns myself – would this work for me?

No matter what system you use for your VAT return right now, the likes of Xero will help make your life a whole lot easier. When you do your returns online, it might seem strange at the start, but once you get used to it, you really will appreciate what a time saver it is. What’s more you’ll have access to your invoices, bank statements and all your accounting data even when you’re on the move. This really is the perfect solution for anyone who’s serious about reducing the time they spend managing their accounts.

Won’t it cost a fortune to get a system just for my business?

Because cloud based accounting systems are set up to appeal to groups of small business owners who share the same needs, the costs are within the reach of people with even the tiniest of budgets.

I’m not great with accounts – I think I might find it too difficult.

One of the greatest things about online accounting systems today is they’re created with non-accounting, non-technical people in mind. The companies who make them are competing with each other to make their systems prettier and easier to use than the others. What this means is that the providers of this sort of package are doing all they can to make your life as easy as it can be. With that in mind, even the least computer-literate people around shouldn’t have an issue.

If you’d like help with your VAT return, or with your bookkeeping and accounting in general, don’t hesitate to get in touch. We have a whole team of experts on hand, who speak your language, and who are ready and willing to help.