hotchips Posted October 29, 2015 Share Posted October 29, 2015 We have a (very) small business which is growing slowly (slower than we would like...) and I am trying to find out whether it is a legal requirement to employ an accounting service for monthly VAT reporting? In Australia it is quite simple to do it yourself. I assume it is the same here but not sure if you legally have to use an accountant? Thanks in advance. Link to comment Share on other sites More sharing options...
blackcab Posted October 29, 2015 Share Posted October 29, 2015 You can do it yourself, but taking care of the VAT is normally included with the fee for calculating payroll, social fund and income tax; forwarding these payments to the relevant departments; keeping your books in order; using this data for six and twelve month reporting and preparing everything for the yearly audit. If you are doing all the other stuff yourself then it should be no problem doing the VAT too. Personally I have always found it easier to let the accountant handle it and focus on running the business. Link to comment Share on other sites More sharing options...
doublephil Posted October 30, 2015 Share Posted October 30, 2015 If your business income is below the threshold for VAT registration - you do not need to make any VAT Returns. For other kinds of tax ,e.g. Witholding Tax, Social Tax, etc - yes, you need to make monthly returns and payments (if any tax due) - either by yourself or via an accounting service Link to comment Share on other sites More sharing options...
hotchips Posted October 30, 2015 Author Share Posted October 30, 2015 Thanks for the answers. Our turnover is below the threshold for VAT currently, but we import and export equipment so need to be registered for VAT for that reason. Guess we'll keep paying someone to do it, and, as suggested, concentrate on getting the business going! Link to comment Share on other sites More sharing options...
NickJ Posted October 30, 2015 Share Posted October 30, 2015 (edited) Thats one reason when starting a business you dont sign it into the VAT system.. until you need to..A lot of accoutants here are lazy and often without the boss knowing it have an employee of the company file. Yes you can file and there are remote offices everywhere....or there used to be. it was one form one line....done. Edited October 30, 2015 by NickJ Link to comment Share on other sites More sharing options...
blackcab Posted October 30, 2015 Share Posted October 30, 2015 How much are your accounting fees per month and where are you based? Link to comment Share on other sites More sharing options...
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