CHARTERED
ACCOUNTANTS FOR
VAT SERVICES IN
LONDON

Are you a business looking for Value added tax VAT service from qualified accountants in London?

Look no further, our team of highly skilled accountants specilaizes in providing top VAT service for small to medium size businesses accross london and UK. With many years of expertise and in depth knowledge of VAT regulations, we will handle your VAT matters efficiently, accurately and in line with HMRC’s MTD compliances.

What is Value Added Tax (VAT) and making tax digital (MTD)?

VAT stands for ‘Value Added Tax’. This is consumption tax and levied on value added to goods and services. This indirect tax is collected by businesses at each step of supply chain. Therefore VAT registered businesses need to compute the difference between input VAT and output VAT. A VAT reutrns is prepared showing all those details and submited to HMRC for either VAT liability or VAT recovery. Most busienesses who are VAT registered are required to submit their VAT returns through Making Tax Digital (MTD) system since April 2019. In order to submit the VAT return under MTD, you must have MTD compatible software. We use award winning MTD approved software such as Xero and QuickBooks in our practice to file VATs digitally for our clients.

When you should register for VAT

According to HMRC guidelines, you must register for VAT if your total VAT taxable turnover exceeds the threshold of £85,000 for last 12 months or if you expect your turnover to exceed this value over the next 30 days. You can also register for VAT voutarily even if your turnover is less than threshold value. You will get a VAT registeration certificate stating VAT registeration number and due date of your first VAT return and thereafter. Our team of expert VAT accountants will perform the tax planning exercises and process the begining to end VAT registeration.

Which VAT scheme do I need to choose?

Once you are registered for VAT, you will have to choose a VAT scheme for your business. It is very important to choose the right VAT schme for your business which will then dictate how you compute your VAT return and how often you need to file it. This can also impact on the cashflow of your business. Few main VAT schemes are;

1. Standard VAT scheme
2. VAT Annual accounting Scheme
3. VAT Cash Accounting Scheme
4. VAT Margin Scheme
5. Other VAT Scheme not mentioned above.

There are further complicated areas such as dealing with One-stop-shop (OSS) and Import One-stop-shop (IOSS) schemes in eCommerce businesses. This is where our experienced accountants in London can provide advisory and complete VAT services to your businesses.

VAT compliances

VAT registered business must submit their VAT returns on monthly, quaterely or annual basis depending on their schemes chosen usually through MTD system. The VAT submission and payment date is usually one month and seven days after the VAT period. There are new changes to VAT penalties and interest charges if you submit VAT return late for accounting period starting on or after 1st January 2023. The VAT default surcharges are now being replaced by the new penalties for returns. Late submission penalties work on points-based system. You will receive £200 penalty when you reach the threshold of penalty points.

Our experts ensure you don’t get to this situation where you will pay penalties for late submission. We have a proactive approach of client reminders and meeting deadlines for submitting the VAT returns.

Our London accountants can guide you in case of VAT investigations

Are you facing a VAT investigation or an inspection by HMRC? Our professional VAT advisors can navigate you out these complex investigation process and minimise any penalties. HMRC checks businesses if they are paying or reclaiming the right amount VAT amount on either random basis or if they see any huge discrepency in VATs. These VAT investigations can open other tax investigations if not handled appropriately. Please call us if you are in this situation and we can take care of the compliances etc in more professional manner.

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