Working within the hospitality industry is incredibly rewarding. Along with your employees, you’re responsible for creating the perfect getaway and experience for your hotel guests, whether it’s making things extra special for a romantic occasion or ensuring a guest with specific health requirements enjoys their stay as much as everyone else.
Hoteliers thrive on this kind of work, knowing that a good guest experience can almost guarantee repeat custom and positive recommendations further down the line. However, when it comes to running a hotel, it’s not all about breakfast orders and crisp linen. The business and administrative side of your hotel is just as demanding, often leaving hoteliers spread too thinly. One of the most notoriously complicated and time-consuming elements of running a hotel is handling VAT and filing those dreaded returns.
So complex and confusing is this quarterly requirement that many hoteliers find themselves neglecting other elements of their business while they attempt to get their VAT returns in order. And this is why it’s recommended that hoteliers like you, do your VAT return online via VAT software to streamline the process. Want to know more? Read on to discover the benefits of using VAT software in your hotel.
You Can Submit on Time
Utilising the latest VAT software means you no longer have to wait until those final VAT submission warnings to land in your inbox. Or scramble to find the relevant documents to fill in an accurate report. Helpful reminders and the ability to track multiple VAT periods means that you’ll always have access to all your VAT data with just a few clicks, ensuring you submit your VAT return to HMRC on time, every time.
It’s All Calculated for You
This easy to use Making Tax Digital compliant software, takes the complexity out of VAT returns, giving you more time to focus on the day-to-day running of your hotel. With just a few clicks you can run reports, select the right rate and have all your calculations done for you. No more long nights punching numbers into a calculator and hoping to come up with the right data – with tax software, you can submit your tax returns to HMRC with ease.
A Better Understanding of Your Finances
With tax software, you no longer have to rely on boxes and files of paper documents to track your VAT activities or your other financial accounts. Using this software means a singular and detailed digital paper trail, which can also be incorporated with your other accounts, to make understanding your finances easier. Which in turn, means better business decisions for your hotel moving forward.
Fewer Mistakes
Human error is to be expected. However, when it comes to submitting a VAT return for your hotel, mistakes can quickly spiral out of control, leading to penalties and even audit investigations. Again VAT software can help you here. As all your calculations are done for you – the risk of errors is eliminated.
If you’re a hotelier, looking to streamline the accounting process of your business, consider implementing VAT software.
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