How To Turn Your VAT Deadlines Into A Business Opportunity!
It's a great opportunity to review your business ...
POSTED BY JONATHAN VOWLES ON 30/01/2018 @ 8:00AM
Lots of business owners see the VAT deadline as a huge problem. After all, you have to sort your paperwork, work out your VAT bill and then file your return and pay your bill ...
If you're fretting about your VAT deadline, then think of it as a business opportunity!
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However, if you approach this from a different point of view, it can be a great opportunity for you and your business! Let's break this down into three points, starting with a home truth:
Every business owner knows that you should keep your business records up to date. In fact, you should keep them up-to-date all the time and not have a backlog of paperwork.
But lots of businesses don't record things as they go along. Instead, they save it up and do their paperwork on a monthly or quarterly basis.
Spending time every day or week is often simpler and quicker, but it needs organisation and dedication. Interestingly, if you improve the record keeping by doing it more frequently, sorting out your quarterly VAT return gets easier!
If you've got to spend time, effort and money keeping good records then make it worth your while. Keep more information rather than less, but do this with a purpose.
That purpose is to extract management information from your bookkeeping system; meaningful and useful information that will help you to understand your business.
From that better understanding, use your knowledge of your business to look at it in a different way. To look at what it should be doing to achieve your goals. Maybe even to set goals and budgets in the first place!
Really, each VAT deadline should give you the information and the opportunity to review where you are, to check the performance of your business, and to plan for the next quarter.
"But who likes paying the
Remember, you can always choose JVCA as your business adviser and accountant and let us help you with each stage of this! Call me on 01234 752 566 or click here to ping me an email and let's see how we can help you.
Until next time ...
More about Jonathan Vowles ...
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas, which can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.
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