Vat/IVA

I mentioned in a previous post that the government here was about to introduce legislation which forced businesses and those registered for VAT/IVA to make all payments on-line.  This legislation was due to come into effect on the 1st October.  I also commented that the new requirement would cause problems for many, although not myself.  Well, the government has gone and done a small about turn, as I was expecting and the new requirement will now be effective from the 1st January next year, surprise, surprise.

I said that this would not cause problems for me, but I was wrong.  To permit this system to work I have to tie a bank account to my IVA registration, otherwise the tax people are going to start wondering why a business spends so much at the supermarket, when the business, my business, is not exactly involved in catering.  Solution: Open a new bank account which is only for business stuff.  This has a cost and means that I need to manage two bank accounts, which may get fiddly.  Keeping everything in one place was quite simple and convenient.

Anyway, I’d better go, I’ve got to go and sign a few documents to complete the opening of the new account.  Hey ho, it’s on with life we go…..