People are generally under the impression that Value Added Services, more commonly known as VAT, is something that most startup companies are afraid of. If one’s business accounts are in a disarray, there is a very good chance that one’s VAT payments will end up draining one’s company’s finances. This is why it is essential to understand that when a company is collecting VAT from its customers and handing over the same to the Government, it is acting as a responsible Tax collector and nothing else. At the end of a month or a quarter or a year, all the VAT invoices issued to customers are totaled to calculate the exact Output Tax amount. The same is done regarding the invoices issued to your company by your suppliers. The total tally is then known as Input Tax.
How can we help?
- Our team of tax experts is here to advise you regarding which method of VAT payment will prove to be the most efficient for your company and result in least amount of hassle when it comes to tax payments.
- We will organize your VAT Returns in a timely fashion with the information regarding pending taxes that still needs to be collected from your clients and the deadlines for submitting the same to the government.
Reconciliation of VAT return to books of accounts.