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You are
legally bound (upon
registration) to return the
output tax charged, minus
input tax incurred to the
HMRC. How simple is that?
Many businesses fall foul of
the Customs Office, due
simply, to poor and
incomplete records. Using
KPB systems, VAT is not just
recorded but real time
budgets and forecasts will
always maintain funds to
discharge liabilities to
Customs. Always remember
that the VAT charged is not
your money, it should never
form part of any forecast or
budget. In accountancy terms
it can only appear on the
balance sheet as owing or
owed.
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