Top 10 Free Accounting Software With VAT Tax

Top 10 Free Accounting Software With VAT Tax

Free Accounting Software with VAT Tax for Small Businesses: Top 10 Free Tools for Accounting

SMEs or start-ups have to keep track of their expenses to grow or expand. Keeping track of their expenses will equally enable them to pay the right amount of taxes and comply with VAT payments and rules from Her Majesty’s Customs and Revenues (HMRC). 

In addition to this, you and your business may face piles of invoices or adjustments from the budget or tax reforms. If you purchase the right accounting software, you will be able to automate key functions ranging from tax management, financial investment, and invoicing amongst others. 

Before you are set about choosing your accounting software, you should weigh a set of factors such as basic accounting requirements that include payroll and expense management functions.

Additionally, you should equally gauge the effectiveness of software by identifying potential use cases in the cloud to facilitate collaboration and co-working from various parts of the world.

In this article, we take a look at the ten best accounting software and key VAT features that are relevant to your business. 

Top 10 Free Accounting Software You Should Try

Top 10 Free Accounting Software With Vat Tax
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1. Xero

Xero is primarily designed for SMEs or entrepreneurs that intend to manage key accounting functions such as bank reconciliation, invoicing as well as payables and receivables.

It has a good market reputation and is a good accounting software that can support tax management issues due to its functionalities that allow it to deduct sales tax on any transactions.

Sterlinx Global packages equally come with fully managed Xero services, where Sterlinx records and reconciles all sales and purchases. 

2. QuickBooks Online

As a cloud-based system, Quickbooks is very popular and can be useful in helping to synchronise all your bank account transactions and help teams collaborate in the provision of detailed reports.

As an entrepreneur that may have some e-commerce deals, it equally enables you to deduct things such as sales tax from all your invoices whilst enabling you to calculate the appropriate tax based on where your start-up may be located. 

3. Sage

In addition to being useful at helping with core functionalities and financial functions such as accounts receivable, it can equally help companies with budgeting.

One of the major strengths of Sage is the fact that it can be linked to VAT reporting and can equally help companies align budgets and accounting reports, and subscription billing. 

4. Kashoo

Kashoo is a comprehensive software that equally operates on the cloud. It is effective at handling invoices, vendors, and e-commerce businesses.

It can equally synchronise entries from the bank with their ledger. Kashoo is effective at managing balance sheet data and providing a range of services including invoicing, and expense management, which is ideal for most start-ups and SMEs.

Free Accounting Software
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5. NetSuite

NetSuite is another cloud-based service with a good enterprise resource planning (ERP) system, which possesses a range of tools from budgeting to financial reporting.

It is effective at managing issues related to compliance and can be very useful for tax management. It is a great tool for businesses and start-ups operating in any sector. 

6. FreshBooks

If you’re looking for a good cloud-based accounting system, FreshBooks may be appropriate for you as it is double-entry accounting software that can equally enable you to manage other tax affairs.

This is excellent for small businesses that care about time tracking, expense management, and invoice management. You can easily integrate different forms of payment, such as PayPal. 

7. KashFlow

Kashflow is unique from other software in addition to being a cloud-based service. It can automatically update your VAT payments from financial documents in your system.

If you are looking for core functionalities such as payroll management, this is the software for you. 

8. Wave

Wave has an excellent cloud-based service and it is adapted to be used on mobile devices with useful functionalities such as recurring bills and receipts.

As one of the newer software, it is perfect for entrepreneurs on the go as it can be used from multiple digital platforms. It is ideal to be used for receipt management and will ensure that company’s bills and VAT payments can be traced back easily. 

9. Free Agent

Free-agent is cloud-based and enables you to stay up-to-date on your expenses and essential accounting tasks.

It is great for monitoring expenses, invoices, cash flow, and taxes. It can be used to prevent you from missing key deadlines and automate your VAT filing system. This is indispensable to start-ups as it enables you to file your VAT on time. 

10. Zoho Books

This accounting software with useful and prominent cloud services facilitates end-to-end tasks such as invoicing and reporting.

It is a useful tool in invoice management and can be used for accounting dashboards as well as expense management.  

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Frequently Asked Questions

  • What is the difference between Xero and Quick books?

    Both Xero and Quickbooks Online are great software. However, they are quite different and have different strengths. Xero is good for inventory management, which is needed for most E-commerce businesses. However, QuickBooks Online has good reporting capabilities.

  • Which is the best accounting software for VAT?

    Undoubtedly, Xero is one of the best accounting software out there. It enables you to link your VAT payments automatically and has a commendable cloud service. Xero has got rave reviews from its users across several industries.

  • Which service is the best for VAT automation?

    If you want an automated service for VAT payments with cloud functionalities, you should use Kashflow. Based on reviews, it is one of the best services for automating your VAT payments to HMRC or the national tax authority.

Conclusion

There is a range of accounting software that businesses and start-ups can use to manage their taxes and invoices.

This article provides a useful summary of ten accounting software that businesses and start-ups can use to better manage their finances and VAT payments.

The majority of the accounting software presented in this article is cloud-based and has great functionalities across a range of areas.

If you need professional help, check out Sterlinx Global.

The Financial Tax Year – UK Laws and Regulations (HMRC)

The Financial Tax Year – UK Laws and Regulations (HMRC)

COVID-19 caused the government of the UK to take on a set of measures to reduce the negative impact of border closures and social distancing measures on businesses. However, there are some notable changes to the budget that include cooperation tax, personal allowances and incentives for green packaging that stand out from the Fiscal bill for your financial tax year. In this article, we look at the different laws and legislation that have been passed in the last financial year, which is April 6th 2020 – April 5th 2021. This article equally looks at ten changes to the Fiscal tax bill that has an impact on businesses across the UK.

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The Personal Allowance Limit

The government will increase the personal expenditure allowance in line with the rate of inflation for 2021 and 2022. As a result, the personal allowance will increase to £12,570, while the basic limit rate is set at £37,700 for 2021 and 2022.

Similarly, the higher threshold for the personal allowance will increase to £50,270 for 2021 – 2022. 

Upper Earnings Limit and Upper Profits for the national insurance contribution will be aligned to the higher threshold at £50, 270. These changes are applicable across the UK and will positively impact the disposable income of consumers. 

The Standard Lifetime Allowance 

In the 2021 Finance bill, legislation will equally be introduced in order to remove links to the Consumer Price Index for the next five fiscal years. This leaves the standard lifetime allowance at £1,073,100 for the tax years 2021 – 2026. 

Inheritance tax nil-rate band and residence nil-rate band

The inheritance tax nil-rate bands will remain at current levels until April 2026, following a bill to amend the current Finance bill. The nil-band rate is £325,000, while the resident band rate stays at £175,000.

As a result of this, qualifying estates will continue to transfer £500,000 to spouses or civil partners and avoid a tax on £1 million inheritance from April 6th 2021, until April 5th 2026. 

Financial Tax Year: Capital Gains Tax Annual Exempt Amount (AEA)

The government will introduce legislation in Finance Bill 2021 that maintains the current Capital Gains Tax annual exempt amount of £12,300 for individuals.

This was equally maintained at £6,150 for trustees of most settlements for the tax years until 2025 to 2026, as announced in Budget and will go into effect on April 6, 2021.

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Corporation tax: Main Rate

The financial year beginning 1 April 2022 saw the introduction of legislation that set the main rate of corporation tax at 19 per cent. A bill will be introduced in order to raise the corporation tax rate to 25 per cent for the tax year beginning 1st April 2023. 

Corporation tax: Small Profits Rate

The government would impose a small profits rate of 19 percent for the financial year April 2023. The small profits rate will be applied to £50,000 or less of profits.

Companies having profits of £50,000 to £250,000 will be taxed at the standard rate of 25 percent, but may be eligible for marginal relief.

There are a few cases where this rate may be marginally lower, so not all businesses will be subject to paying a huge portion of their earnings. 

Temporary Extension of Carry Back of Trading Losses

The government will act in Finance Bill 2021, as indicated in Budget 2021, to temporarily extend the period for incorporated and unincorporated firms to carry back trading losses from one year to three years.

Unincorporated companies will be able to carry forward up to £2,000,000 in unused trading losses from the tax years 2020 – 2021 and 2021 – 2022.

The £2,000,000 maximum will be subject to a group-level limit, requiring groups with firms capable of carrying back losses in excess of £200,000 to divide the cap among their companies.

In due course, more information on the group limit will be released.

Capital Allowances: Super-deduction and 50% first-year allowances

Investments in main-rate assets will be lowered by a 130 percent super-deduction, while investments in special-rate assets will benefit from a 50 percent first-year allowance under this plan.

These measures will be included in addition to any necessary amendments to the Capital Allowances Act 2001.

Indirect Tax: VAT reduced rate for tourism and hospitality

The government has decided to extend the temporarily lower VAT rate of 5% for hotels, vacation rentals, and attractions until September 30, 2021.

Following that, on October 1, 2021, a new reduced rate of 12.5 per cent will be implemented, which will last until March 31, 2022, when it will revert to the usual rate.

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Plastic Packaging Tax

The government will implement a new Plastic Packaging Tax on April 1, 2022, as stated in Budget 2018 and confirmed in Budget 2020, with basic legislation introduced in Finance Bill 2021.

The tariff will encourage the use of recycled plastic in packaging rather than normal plastic packaging.

The tax will be levied at a rate of £200 per tonne of plastic packaging that contains less than 30 per cent recycled plastic material, according to Budget 2020.

Following a technical consultation, some changes to the draft legislation have been made to improve clarity in response to stakeholder feedback.

Read this blog to know more about VAT Accounts: VAT Accouhttps://sterlinxglobal.com/what-a-vat-account-should-look-like/nt: Rules of what a VAT account should look like.

Higher Diverted Profits Tax

From 2023, the rate of Diverted Profits Tax will be raised from 25 percent to 31 percent. When the main rate of corporation tax rises to 25 percent for the fiscal year beginning April 1, 2023, this will preserve the present gap of 6 percent.

Frequently Asked Questions

  • Can I Carry Forward my Trade Losses from COVID-19?

    Unincorporated enterprises will be able to carry forward up to £2,000,000 in unused trading losses from the tax years 2020 to 2021 and 2021 to 2022. This covers the COVID-19 years and will enable businesses to recover some losses. 

  • How to Claim a Tax Refund?

    You may be able to claim a tax refund from your current or previous job, foreign income and fuel costs or working clothes for your job. In order to claim a tax return, click on this link which will enable you to claim on the HMRC website. 

  • Can I access COVID-19 support?

    If you are a business that is registered in the UK, you can benefit from COVID-19 support. In order to do this, you can click here, and HMRC will provide you with all the relevant information. However, the complex nature of this regulation will require a professional to assist you. 

    Disclaimer: The data above was taken from the most trusted sites such as .gov.uk. If any of the changes appear once after we have published the article, please refer to the .gov.uk site for more information.

VAT Account: Rules of what a VAT account should look like

VAT Account: Rules of what a VAT account should look like

If you don’t know what a VAT Account should look like, don’t worry. This blog is here to help you out. Continue reading to learn more.

Things to know about VAT Account: What a VAT account should look like

So, you have started your business and even made your first sale. This is an exciting time, but you are probably wondering what your VAT account should look like. Remember that if you are a VAT-registered business with HMRC, you must keep records of all sales and purchases by your business. You are equally required to keep a separate summary of all your VAT in your VAT account

How do I register for VAT?

If you are a business or an entrepreneur, you may register for VAT online, including partnerships as well as groups of companies. You will need to create a VAT online account – equally referred to as the ‘Government Gateway account’.

You may appoint an agent to enable you to register for a VAT account or register via post. Upon registering for a the account, you will receive a VAT number from HMRC, which will be used in all transactions and dealings with HMRC.

What is MTD and how does it work?

VAT registered businesses with taxable turnovers of over £85,000 should equally follow the rules from Her Majesty Customs and Revenues on ‘Making Tax Digital for VAT’.

If you have signed up for the Making Tax Digital, the records you must keep are not different for any VAT-registered business. However, you’ll need to keep some digital records.

You may be wondering what your VAT account should look like, but all of them are standardised and accessible via the HMRC website. This article will look at how to register for a VAT account and what a VAT account should look like.

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7 Rules on what should a VAT account look like

1. Using HMRC Gateway to file VAT online

You should sign up or sign in to your VAT account using the HMRC Government Gateway account. The first rule of the VAT account is that you should sign in using your government gateway account, and you will arrive at the landing page.

2. Choosing the right account when signing up in HMRC Gateway

When you sign up for the HMRC account, you should ensure that you choose the right account and answer the questions related to adding the tax correctly. Your VAT account should have a white landing page and you should determine whether you are doing business in the UK.

3. Finding help in using HMRC Gateway

Your landing page has a range of information in the last icon for any questions or helps you may need.

It should have GOV.Uk on the top left-hand corner for questions related to your account, technical glitches, and other information that may be necessary for your HMRC account.

4. Knowing the different services offered in HMRC Gateway

HMRC will ask you several questions related to tax payments and other questions that will have a range of options, which you can select or highlight with a black dot. On your landing page, the top left-hand corner should have the icon labeled “Your HMRC services”.

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5.  Managing VAT account in HMRC Gateway

From your landing page, you should be able to access your account, manage your messages and track your forms. The landing page for most VAT accounts is pretty similar, as they have the same icons and tabs that are pretty much used by most businesses.

The landing page should have very little information about you, but rather what service you intend on using at the time when you are logged in to the Government Gateway Account. 

6.  Collecting and paying VAT through MTD

There should be a “Making Tax Digital” icon on the bottom left, where you can view your VAT account.

Every VAT account has this icon as HMRC is currently encouraging entrepreneurs and businesses to digitize the process of collecting and paying their VATs. It is one of the must-have features of any VAT account.

7. Knowing the next VAT due

Under the “Manage your VAT” icon, you can view when your next payment is due as well as VAT certificates. This is similar for all VAT accounts, regardless of what type of business you are. Your business tax account can be accessed under the icon “Your VAT account”.

There might be slight differences when you are registering your business, but the VAT account from HMRC has a similar look and feel for businesses and entrepreneurs.

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Frequently Asked Questions

  • When is my next tax bill due?

    You may be an entrepreneur that has very little time and needs to know when your next VAT bill is due. Go to “Your VAT account”, and the icon immediately below will tell you exactly when you must pay your next tax bill.

  • When should I sign up for my VAT account?

    Make sure you do not sign up seven days before and up to five days after your due date. If you make your payments via direct debit, you are required to keep your account open to make payments twice.

  • When can I sign up to make tax digital?

    If your taxable turnover is less than £85,000, you are required to sign up for making tax digital. You need to submit your VAT using the right software and save all digital records for up to ten years to ensure HMRC has access to all your records.

Conclusion

Reporting and paying VAT are different and how you link your purchases to your VAT account differs based on the software you use. However, some inescapable features are accessible by all businesses and entrepreneurs.

Some businesses may choose to report or justify expenses differently, but they ultimately got to the HMRC Gateway account to pay their bill.

Your VAT account should be organised so you have all the relevant information for regulators and HMRC as needed. This will ensure that you keep the right records at all times, and there is helpful accounting software to automate such tasks.

As a result, your VAT account can enable you to make an account for payments without very much effort. 

This is why Sterlinx Global is here to help you with anything VAT related.

UK Tax Tips to Run Your Business Accounting on Your Own

UK Tax Tips to Run Your Business Accounting on Your Own

Learning some UK Tax Tips can never go wrong! This blog will give you some tips that might help you out. Read more to learn more.

UK TAX: Tax Tips you Should Know to Run your Business Accounting

As your firm’s revenues grow, it is good to effectively record and monitor your expenses and accounts. UK Tax Tips to run your business accounting will enable you to make good management decisions based on reliable, timely data. It will equally ensure you avoid any late payment fines resulting from irregular records.

Unfortunately, the time-consuming and tedious admin of bookkeeping, tax, and accounting that comes with running a business is unavoidable. 

This can be equally aggravating for new entrepreneurs. Whatever you choose to do, you should make a choice as soon as possible and stick to it. In this article, we will look at ten tips for running your own accounting.  

UK Tax Tips: Get the basics of accounting right

Even if you do not have an accounting background, it is essential to have a solid understanding of your finances. It is important to keep records from the start, and making this process straightforward could save you time and boost efficiency.

You should set up a verifiable record-keeping system and register your firm with HMRC before or after you open a bank account.

This will ensure that your revenue and VAT are operated digitally.  

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Worry about your cash flow

Cash flow is the lifeblood of a company as it ensures you can pay your financial obligations on time and prevent any late fines. It is important to have a regular source of income while managing your expenses in a manner that supports your regular payments, not least VAT.

Maintain a close eye on your cash flow and keep note of your credits and debts. Always plan for how much money you will be making and how much you will be spending in order to ensure that your financial affairs are in order at all times.  

Comply with HMRC legislation

Complying with complex tax legislation is not easy. However, you must have a solid understanding of your responsibilities with HMRC and you must design a system that works effectively to ensure that you pay your taxes on time and get your returns in line with the legislation.

Register for a VAT number if your VAT exceeds the £85,000 threshold and stays up to date with the relevant business legislation in the budget.  

Registering for VAT number with HMRC

Do not wait too long to register for your VAT number, as this will prevent you from paying late fines. You can apply for a VAT number to ensure you pay your taxes on time and get your tax returns as needed.

Even if you are unsure whether you may breach the threshold, it’s better to register for a VAT number.  

Set key performance indicators (KPIs) and stick to them

Set KPIs to determine whether you are making any operational or efficiency gains. This will enable you to better understand your expenditures and whether you are paying the right amount of taxes.

It is important to set clear goals that are Specific, Measurable, Achievable, Realistic, and Time-bound.  

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Understand your customer base

Knowing our consumers inside out is important. It should be an integral part of any business or entrepreneur. Your business wouldn’t exist without your customers, which is why you should make an effort to get to know them and how they consume.

This will improve your record-keeping over time and enable you to adjust faster to changes.  

Get organised & stay organised

Businesses with solid accounting records can perform better over time by deciding what to spend and how to spend their revenues. Being effective can equally enable you to pay taxes more effectively. It might allow you to quickly identify opportunities to generate returns.

Being organised could save you money and prevent additional accounting fees, possibly bank fines for late payments, or unexpected tax payments later on. 

Get the right accounting software

It is important to get the right accounting software, which comes with a variety of tools and features to assist you in keeping track of your accounts.

Accounting software that is simple to use and has time-saving features might assist you in meeting your business objectives and ensuring that you record transactions properly.  

Choosing the correct accounting software is critical for small business owners. This can be accomplished by taking into account usability criteria such as the following: 

  • Access for multiple users: Look for accounting software that allows you to invite your team or other users, providing them access to data and allowing them to perform certain duties remotely. There is a useful software that allows you to share and work with employees from different locations.  
  • Multi-Business Assistance: You may require accounting software that can give you extensive support and eliminate the need to set up accounts or get add-on services at higher costs.
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  • Cloud-Based Software: Cloud-based software is used by the majority of top accounting systems for all types of enterprises. As a result, you will be able to manage your account from any internet-connected computer from any location. This is ideal for SMEs operating from many locations.  
  • Mobile Access: Some accounting software equally has mobile apps that allow you to monitor and complete basic duties. It is useful to have accounting software that is accessible on your mobile.  

Think of Add-on Services

Tax Preparation: Accounting software is useful as it assists you in managing your revenues and expenses as well as benefiting from features such as automatic tax computations.  

Add-on Services: You might want to consider adding some other services, such as payroll and payment processing. Doing this will make it easier to collect payments and pay staff.  

Frequently Asked Questions

  • What is the VAT Flat Rate

    VAT is still charged at 20%, but it is paid to HMRC at a reduced rate (depending on your profession or trade), leaving a discrepancy that the business can profit from.

  • When to use VAT Cash Accounting?

    This option is open to any company with an annual turnover of less than the current limit of £85,000. It is different from the regular plan in that VAT is not calculated until an invoice is paid. 

  • How can I save time using software automation?

    It’s best to use accounting software that can deliver past-due notices and invoices to your clients automatically. This will improve efficiency on invoicing and accounts receivable, which will equally save you time.

Conclusion

Cash flow management, VAT, understanding what products and services generate the best returns, and management of who owes you money may seem like common sense. Even so, many businesses overlook them. This article provides a checklist of tips to help manage your accounts.  If you need further help, Sterlinx Global is here to help.

What are the Most Efficient Ways to Pay Your VAT in the UK for your E-commerce Business?

What are the Most Efficient Ways to Pay Your VAT in the UK for your E-commerce Business?

This blog can show you the most efficient ways to pay your VAT in the UK so be sure to read more and not miss anything.

VAT Payments: What are the Most Efficient Ways to Pay Your VAT in the UK for your E-commerce Business?

Every business’s time is valuable; squander it, and you may impact your revenues. That’s why, when it comes to your finances, it’s critical to make things as simple as possible. VAT payment is something that many businesses must do, but there’s no reason why it should take up too much of your time. 

You may be due returns or may have to make a payment to HMRC once you have submitted your VAT return. Setting up a Direct Debit is one of the most convenient ways to pay your VAT.

Then all you have to do is submit your VAT return, and everything else will be taken care of for you, whether you owe money or need to make a payment.

Unless a company is in debt to HMRC or gets frequent payments, it is customary to file quarterly VAT returns. VAT returns and the payment require electronic submission.

HMRC must receive payments seven days after the end of the month at the VAT period.

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What is a VAT account?

A VAT account keeps track of how much VAT you charge and how much VAT you pay on your transactions. Your VAT return is based on the difference between the VAT you charge and what you pay for goods and services.

The following items are included in VAT accounts:

  • VAT sales and purchases total
  • The amount of VAT you owe
  • You are entitled to a VAT refund
  • VAT on purchases or sales in the EU
  • Your Flat Rate % and its associated turnover, if applicable

How to pay your VAT bill

In order to pay effectively, it is important to have a VAT account. You might be required to go through a two-step verification process to access your account. Your account has your VAT number, and you can directly pay your VAT bill from your account. 

You can pay for your VAT bill directly by clicking here. Before paying, ensure the deadline has not passed as different deadlines are used for the Accounting Scheme and payments on accounts. You can pay online or through telephone banking for faster payments.

You can equally use your online bank account or CHAPS. These systems have the benefit of getting your payments to HMRC on the same day and will prevent you from incurring any late fees. 

Businesses using the Annual Accounting Scheme should use the standing orders, which take three days to clear. Ask to pay by standing order on your HMRC application form.

After receiving a letter from HMRC, you can pay using this form or other means such as online and telephone banking.  

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Alternative ways to pay your VAT bill

There are a few alternative payment options, but you’ll have to do everything manually. Because all VAT payments must clear in HMRC’s account by the payment deadline, you’ll need to be aware of the processing times.

Payments can be made the same day or the next day – online or via phone banking (faster payments). Direct Debit, BACS, debit or credit card payments, and bank or building society payments all require three working days to clear.

If the payment deadline comes on a weekend or a public holiday, ensure VAT payments reach HMRC on the last working day before the deadline.

Making VAT payments

Direct Debit, Faster Payments through internet/telephone banking, CHAPs, BACS Direct Credit, Online debit or credit card utilising BillPay, and Bank Giro Credit are all options for electronic payments.

Setting up a Direct Debit is the best approach to ensure that payments are made on time.

Payments are deducted automatically from your account, and all you have to do is make sure your VAT return is filed on time.

The other VAT payment methods need your involvement and awareness of payment processing times, which could lead to late payments.

Key Deadlines for filing your VAT returns

Unless a company is in debt to HMRC or gets regular payments, it will usually file its VAT returns quarterly or annually.

Quarterly — File your VAT returns with HMRC online if you submit them quarterly. Ensure your dues are paid by midnight one calendar month and seven days at the end of the quarter.

That means that if you’re filing a VAT return for the quarter ending March 31, 2021, the deadline to pay your bill is May 7, 2021.

Annually — For VAT purposes, some businesses adopt the Annual Accounting Scheme. In that situation, you must file your VAT return once a year and make advance payments toward your next year’s VAT bill depending on your previous return.

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Payments on account are what they’re called. If you use the Annual Accounting Scheme, you must file and pay your VAT return two months following the end of the accounting period.

HMRC may ask you to file and pay your VAT return every month if you have had trouble making payments in the past or if you routinely exceed the quarterly payment threshold.

You must file your return and make your payment one month and seven days after the term ends in this scenario. So, if your period expires on December 31, 2021, you must submit your return and payment by February 7, 2022.

Frequently Asked Questions

  • Can I pay VAT monthly?

    If your turnover is less than £1,350,000, use the Annual accounting scheme. This allows you to pay HMRC monthly instalments based on your VAT liability from the previous year. Instead of the usual one month, the return must be submitted two months after the end of the period.

  • What happens if I cannot pay on time?

    If you can’t make a payment on time, contact HMRC’s business payment support service and explain your situation. You should be able to set up a payment schedule and avoid late payment penalties.

  • What are the penalties for paying my VAT late?

    HMRC can take enforcement action by collecting your debt through earnings or pensions, debt collection agencies, or sell the things you own to recover a tax bill. They can equally take money directly from your bank account or take you to court.

Conclusion

The fastest and most efficient way to pay for VAT is to sign in to your government Gateway account. Direct debits are equally effective as they ensure that you do not miss any payments.

It is important to pay before deadlines to prevent any late penalty surcharge or fine.  To help you with your VAT needs, check out Sterlinx Global.