Crossed the GST threshold? Your first months after registration.
Invoices, returns and the records to keep from the day the registration comes through.
By the partners · 1 min read
Once your registration comes through, a few habits matter more than any single form. Getting them right in the first months saves a great deal of correcting later.
Your invoices change from day one
Every invoice you raise should now carry your registration number, the tax charged and the details the rules ask for. Check your billing software or invoice book before the first one goes out, not after.
Returns have fixed dates
Returns are due on set dates whether or not you made sales in the period. Put the dates in a calendar, and decide who in the business gathers the figures and who checks them.
- Sales invoices for the period, in one place
- Purchase bills from registered suppliers
- Any credit or debit notes issued or received
Keep the paperwork tidy from the start
Keep purchase bills, sales invoices and bank records together, month by month. Credit for tax paid on purchases depends on your supplier’s filings as well as yours, so a monthly check against what suppliers have reported is worth the time.
A small monthly routine is easier than a large correction at the end of the year.
This note is general information, not advice for your situation. Rules and dates change, so please write to the firm before acting on it.