VAT

You are required to register for VAT if your vatable sales in the previous 12 months exceed the VAT registration threshold (currently £85,000). You can choose to voluntarily register when your sales are below this limit if it is to your financial advantage.

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It is very important that you register at the correct time as HMRC impose penalties on late registrations.

If you exceed the vat registration limits in say January, then you have the month of February to submit your registration to HMRC and you will become registered and start charging VAT on sales from 1st March. There are different rules if you exceed the annual limits in just one month.

We can also help you register for vat at the right time to help you stay compliant.

VAT Schemes

Whilst you might think VAT is easy, it is just 20%, there are a vast array of rates and regulations to comply with as well as numerous different VAT schemes for specific industries.

We can help you choose the most appropriate scheme for your business by guiding you through the Flat Rate schemes, Cash Accounting schemes and industry specific schemes such as “Second-hand goods” schemes for motor traders or Antiques dealers.

VAT with QuickBooks Online

By setting up your QuickBooks Online accounting system to run your VAT many of the obvious VAT errors are eliminated.

Whilst QuickBooks Online will automatically prepare your VAT return for submission to HMRC, many clients get us to check the VAT returns before submission for peace of mind.

VAT Preparation & Submission

For most clients, vat returns are prepared and submitted to HMRC on a quarterly basis within a month and seven days of the period end, however it is possible to be submitting monthly returns or even annual returns to HMRC.

VAT Inspection & Fee Protection

If HMRC decide to carry out a VAT inspection on your records then, as your agents, we can deal with the whole inspection if you want us to. We can even arrange Fee Protection to cover the costs associated with a VAT inspection.

For more unusual VAT issues, we have access to a team of VAT specialists to help you with stay compliant within the law.

If you need help with VAT, then please just contact us.

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In the corporate world, sometimes things aren’t exactly black and white when it comes to accounting procedures.

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