As a small business owner, keeping your business running efficiently requires persistence and almost limitless energy. You’re expected to manage multiple facets of your enterprise, with reams of urgent paperwork taking up the majority of your ever-growing to-do list.
Managing your tax obligations as a small business is another plate you need to keep spinning, and due to its apparent complexity and importance; many small businesses are left feeling completely perplexed and overwhelmed by their VAT responsibilities. Thankfully, more business owners than ever before are turning to software to help them remain compliant with Making Tax Digital (MTD) obligations and keeping their business aligned with the requirements of HMRC. In this post, we’ll examine how VAT software can benefit your growing business and why using VAT software is the approach of choice, for businesses just like yours.
There’s Less Paperwork
Working through mountains of paperwork, receipts and invoices is a dreaded time of year for any business owner. The sheer volume of documents brings confusion and pressure to the situation and makes errors more likely to occur. When you implement VAT software, you can maintain a digital paper trail instead, where all your actions, invoices, reports and other documents are recorded digitally, helping you keep track of every document and effectively streamlining the entire process.
Compliance is Guaranteed
It’s hard to keep up with the rules and regulations of VAT and tax. And the prospect of getting it wrong can have serious repercussions on your business, your finances and your reputation as a business owner. No matter how much time you spend sifting through your paper documents, once your return is submitted, there’s no going back and no guarantee that your submission was accurate.
This is where using VAT software can help. Once you make the switch to this software, you’ll get monthly snapshots of your VAT records, and have all the calculations completed for you – so no matter how complex your VAT return is, you can have a compliant and accurate submission with just a few clicks.
You’re Kept Up to Date
With VAT software, you’ll never miss a deadline. Because the process is streamlined and simplified, business owners don’t run the risk of submitting their VAT returns late or incurring hefty fines for their delay. Helpful reminders will keep you aware of looming deadlines and thanks to its digital paper trail and automated calculations, you can get back to focusing on your business, knowing your VAT obligations are all in hand.
Knowing where your business is fiscally at any point in the financial year is essential. Implementing VAT software means that you can be. Having access to real-time tax data for your enterprise means you can have everything you need in place even before your return is due. It’s this data that can help you make better business-led decisions, putting you in a stronger position and giving you a competitive edge.
With the right VAT software, taxes and MTD doesn’t have to be complicated or overwhelming. Put your business ahead, and implement it today.