VAT’s it all about?!

by Jake Martin, Title Text

2 min read

Currently there are around 2 million VAT registered businesses in the UK. It is important for a businesses to adhere to VAT legislation and remain compliant whilst trading.

I’m going to put forward the argument that if a business is VAT registered, then investing in an accounting software which is right for the business should be one of the first things you think about. Do you provide goods and services to customers in the European Union?, what type of VAT scheme have you or your company registered for? Software allows you and your company to simply run your business as per normal whilst your accounting solution automatically takes care of the VAT side of things.

With Intuit QuickBooks Online (QBO), we cater for most businesses, we have the 3 main VAT schemes from Standard, Cash and from today, Flat Rate scheme. We also know that our customers trade within the EU, so we also have the relevant EC VAT codes in our solution.

Our vision is to simplify the business of life, with QuickBooks you can continue to serve your customers and manage your expenses whilst the software automatically calculates your VAT due or owed real time and presents it in a VAT return format. We also have reports such as the VAT 100, VAT detailed, VAT liability report, so if you see your box 1 looking surprisingly inflated, you can simply click into the relevant transactions to see what it is.

Why use VAT within QuickBooks Online?

  • Various VAT schemes supported, Flat Rate, Cash, Standard.
  • EC VAT codes for businesses which trade beyond the U.K
  • It’s up to date and compliant with VAT legislation.
  • It’s simple to use but an extremely powerful tool to give you the key information visually so you stay on top of your cash flow.
  • You can create and send beautiful professional sales invoices to your customers whilst automatically having the VAT accounted for on every transaction. No more journal entries and manual adjustments!
  • Free support for all our customers.
  • It’s affordable, the efficiencies that software brings, along with the VAT features we have incorporated and the price of QuickBooks Online starting from £7.20 per month, it’s worth it.

Want to find out more about VAT+ QuickBooks Online? Check out the youtube video I made around VAT (excuse the terrible joke at 0:04, usually goes down a storm in the late evening at Christmas).

http://www.youtube.com/watch?v=qru7-JldLDI

Thanks all, stay harmonious. Bobby

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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