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Online Accounting and HMRC
We are required to submit a VAT return to Her Majesty’s Revenue & Customs (HMRC) on a quarterly basis and to report on all income received, and any VAT paid on expenditure.
To ensure we don’t incur penalties from HMRC, you must ensure that all of your group’s transactions are analysed on a monthly basis on our Online Accounting system. For example, transactions dated June will need to be fully analysed by end of July etc. If you have transactions relating to an earlier period, these must also be analysed.
Your group co-ordinating team are collectively responsible for making sure that Online Accounting transactions are kept up to date. If you think your group will struggle to meet the above requirements, or aren’t sure how to analyse transactions without supporting paperwork, please contact Finance Support as soon as possible.