Accountants for VAT in Ealing, London

We specialize in providing VAT (Value Added Tax) services for small to medium size businesses along with our other accounting services. We ensure to deliver quality and reliable service to our clients, that is why we are dedicated to understanding the financial requirements of our clients so they receive first-class professional service every time they avail our services. We ensure punctuality and accuracy to avoid any costly mistakes when preparing and submitting your VAT calculations to HMRC.

So when you are making tax digital VAT returns, whether on monthly basis or quarterly basis, our dedicated qualified accountants will prepare and review and ensure that you pay as little VAT as possible and right amount of VAT to HMRC. We offer an extensive support to our clients if there is HMRC investigation later down the road.

Simply, VAT or Value Added Tax is a ‘consumption tax’ that is applied  on products and services in addition to their values throughout their various stages of supply chain; ranging from initial production to the point of sales. The amount of VAT paid at the user’s end goes directly to HMRC. There are different VAT rates applied to different products and services. For VAT rates on different goods and services, visit the link to find out more.  

The system is applicable in more than 160 countries in the world along with the EU and UK. The VAT system is a strong contributor towards the economy, raising large revenue of the government.

A business must be registered with HMRC if its VAT taxable turnover is above £85,000 aka VAT Threshold but voluntary registration may be advised. For VAT registration, a business must apply for a VAT registration certificate by filling in a VAT Form. We will register you for VAT online, after which, you will receive your VAT Certificate within four to eight weeks time. A VAT registration certificate confirms the following:

• Your VAT number.
• The date for the submission of your first VAT return and payment.
• The effective date of registration (it will be subjected to whether you willingly registered or went over the threshold and registered upon receiving a notice).

It is also worth mentioning that you can also de-register from VAT if you are no longer eligible. If your turnover has fallen below £85,000 or you have entirely stopped trading or making VAT taxable supplies. Upon being non-eligible, you can cancel within the next 30 days. We help our clients for their de-registration of VAT online.

Worried to get your VAT return submitted? Well, we can submit your VAT return in compliance with ‘MTD aka Making Tax Digital through our software. You must submit the VAT return to HMRC within one calender month and seven days after the period end or quarter end of VAT return unless you are using Annual Accounting Scheme.

To make VAT payment to HMRC click on ‘how to pay VAT online’. You will require your VAT number and VAT online account.

As process can get tricky and difficult in preparing and submitting the VAT returns as it requires specialized skill set, our qualified accountants having VAT expertise will handle this job for you.

Our specialism in VAT comes from our years of expertise and professional experience. We have qualified and professional chartered accountants who ensure compliances of our clients for their VAT returns to HMRC. You can leave the VAT bookkeeping to us as we ensure that we prepare and submit your VAT calculations to HMRC.

Businesses grow when they focus on their core activities, here we as accountants come in picture to support our clients  in managing their VAT calculations. you do what you do best and leave the rest to us. We ensure our clients never end up making or suffering a costly mistake, hence we deliver what they want with punctuality and efficiency. We are proud of being called reliable, dependable, and providers of exceptional services in reviews from our clients.

This is one of the most common and simple schemes of VAT. In this scheme, VAT is reported, after which it is received and paid upon the issuance of invoices. Under the Standard Rate Vat Scheme, a business submits VAT returns four times annually, paying the VAT owed quarterly. In the same way, if you are entitled to any VAT refunds, you will also be repaid on a quarterly basis.  

The most straightforward and preferred scheme as it does not involve many intricacies. With the Flat Rate VAT Scheme, a business pays a fix rate of VAT on its annual gross turnover. It is preferred by small businesses as it does not involve much calculation or paperwork as is in other VAT schemes. Our accountants can guide you to decide whether this scheme is better for after a tax planning exercise.

• Collector’s items.
• Antiques.
• Art pieces.
• Second-hand goods.

Any item that you purchase for which VAT was charged can’t be subjected to a marginal rate VAT scheme. Again our dedicated accoutants can help you determine the right amount of VAT and advice.

These schemes are designed for businesses to be able to calculate the VAT dues by a variety of methods. A retailer can easily calculate any payables in the form of VAT at once with each VAT return rather than calculating for each time you make a sale. For goods that you sell, you have to either deduct the VAT (inclusive of VAT) or add the amount (for goods exclusive of VAT). The three standard types of VAT retail schemes are:

• Point of Sales Scheme.
• Appointment Scheme.
• Direct Calculation Scheme.

As this area can get very complicated if you don’t hold the VAT knowledge. Our professional accountants can do the calculations and advice you promptly once our services are engaged.

Two of the most common methods for VAT accounting include:

• Cash Accounting Scheme: You pay when your invoices are paid. It ensures you only pay to HMRC once you have been paid. Cash Accounting is easier and helps the cash flow plus it is simpler to calculate. It is preferred by small businesses.
• Accrual Accounting Scheme: in Accrual Accounting, the VAT must be calculated upon reception and issuance of invoices; hence, it is not subjected to actual payment. It is preferred and even required by big businesses with higher turnover.