Accountants for VAT in Ealing, London

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.

What is VAT

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.

How to Register for VAT?

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.

VAT Returns and Submission

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

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.

Standard Rate VAT Scheme

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.  

Flat Rate VAT Scheme

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.

Marginal Rate VAT Scheme

For a VAT Marginal Scheme, you pay VAT on the difference between what you paid as the price for an item and what you sold it for. The VAT is paid at 1/6th on the difference in the price. The scheme is subjected to the selling of goods such as:

  • 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.

VAT Retail Scheme

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.

VAT Cash & Accrual Accounting Schemes

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.

Here To Help

Our Professional Qualified Chartered Accountants and tax advisors provide all accounting & tax advisory services to small & medium size businesses. We have accredited partners who provide

online software’s like Xero, QuickBooks, Sage and Free agent.

Please call us on 020 8577 0204 to arrange an appointment or email staff@majesticaccountants.com

More than 22 Years of Experience 

Accredited by ATT,
ACCA & ICAEW

Partners with Quickbooks, Xero, Free agent, Brightpay

Specialist in tax Advisory & Accounting services

Why Choose Us

The close relationships we build with our clients mean that you will always receive a first-class professional service. No two businesses are alike; therefore, we ensure that we tailor our approach to suit you.

We offer proactive, practical advice, reducing your tax, maximizing your wealth and exceeding your expectations by our dedicated account managers who very friendly and approachable.

We take great pride in the professionalism of our work and are determined to uphold our professional standards in everything we do. Our staff specialise in tax advice for sole traders and small limited companies.

Unlike many other accounting firms, we offer fixed-term contracts and prices to our clients in line their accounting and bookkeeping needs.

We commit to understand and deliver what our clients want, and in a timely manner. Work is done on time, every time. This is the reason our client refer us as one of most reliable accountancy practice.

We aim to bring quality services to our clients, which we achieve by listening to clients accountancy needs even if we have to go through numerous meetings with client.

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