VAT is a tax levied on goods and services which is based on European law and administered by HMRC. Companies charge VAT on taxable products and services and claim it back on any taxable purchases they make.
Currently, the rate of VAT is 20% but there are many exceptions and, as a result, a VAT return is notoriously complicated to calculate.
Businesses are liable for VAT if their products or services are taxable and turnover exceeds the current £82,000 threshold. They can also voluntarily opt into the scheme if under the threshold. Once registered businesses must add VAT to the amount they charge customers.
There are three different schemes, Flat Rate, Cash Accounting and Annual Accounting and all businesses should seek advice regarding which plan is most suitable for their business.
Services we provide:
- Advise whether you need to be registered for VAT.
- Register you with HM Revenue and Customs for VAT.
- Advise the best VAT scheme for your business.
- Prepare and submit your VAT return online with the Inland Revenue.
- Advise VAT amount due and when due.
Why Use A Professional VAT Return Expert?
As with most accounting services the real benefit of hiring a professional to take care of it for your business is the time saved that can be better spent concentrating on your business and the activities that make you money. VAT returns, in particular, are incredibly complex and difficult to calculate. Any errors in your return can result in fines and penalties as well as render your cash flow projections obsolete and putting your business at risk.