VAT Services
We’ll help you to deal with your VAT returns and VAT planning simply and easily. VAT is one of the most ubiquitous taxes around, but not everyone understands the implications of charging or paying VAT.
If a business or sole trader has a VAT taxable turnover of more than £85,000 (as of 2019 – threshold subject to change), they are required to register with HMRC for VAT. If you find yourself in this position, we can help you register for VAT and help keep your business compliant. Once registered for VAT, the business has an obligation to charge VAT at the correct rate on any taxable items or services provided. VAT returns must be submitted regularly, and any VAT due to HMRC must be paid before the deadline.
Further, in addition to all other business accounts and records that must be kept, full VAT records must be stored. These may be important for several years dependant on how your business performs. VAT on purchases can be reclaimed, and if you deal with products and services on an international scale, you will soon discover that different countries have different VAT rules and requirements – and some don’t use VAT at all.
This can make completing VAT returns quite difficult and will have a knock-on effect on any tax returns, whether they are self-assessment or corporate. Knowing how to record VAT in relation to tax returns will ensure you pay the right amount of tax – get it wrong, and you could face a hefty bill that you shouldn’t have incurred in the first place. As part of our services, we provide a full set of VAT services including completing returns and making sure that you are putting the money aside to pay any upcoming VAT bills.
Forward-planning for VAT payments is imperative, especially because as your turnover increases the amount you are liable for will increase with it. We can help you keep track of all your VAT liabilities, and make sure your VAT returns are filed on time complete with accurate figures and calculations. We’ll make sure your business is compliant with all the associated rules and regulations, giving you the opportunity to focus on running your business the best way you can.
If you need help registering for VAT, filling in your VAT return, or planning for you tax liabilities, get in touch today to find out more about how we can help you and your business.
