VAT SERVICES IN
Our qualified accountants provide VAT services including advisory to small business in London UK
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;
- Standard VAT scheme
- VAT Annual accounting Scheme
- VAT Cash Accounting Scheme
- VAT Margin Scheme
- 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 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.
Company Formation and Startup
Choosing the right legal structure and registering the company can be tricky.
Our professional accountants can advise you and form a limited company for you. Please click here for our detailed services.
Accurate calculations and tax planning for Payroll services can bring a significant positive impact on your business cash flow. Our team of professional accountants proudly provide excellent payroll services and free up your time of extensive reporting to HMRC.
Accounting and Bookkeeping
Depending on the size and nature of the business, our experts recommend the right software to you.
We usually use Quick books, Xero and Freeagent as our bookkeeping software(cloud-based system).
Our qualified specialist tax advisors provide their advice and services considering personal and individual circumstances when it comes to self-assessment.
We support our clients by minimizing their tax liability wherever possible in personal tax return calculation.
We offer to produce management accounts on a monthly or quarterly basis. Which means you will get to review your key performance indicators KPIs more regularly. Your dedicated account manager will also be able to talk you through the numbers.
Registered Office Address
This is a legal requirement for all companies to make their registered address publicly available.
Companies regularly receive their most important correspondence such as companies house letters, HMRC notifications and letters etc.
We specialize in providing VAT (Value Added Tax) services for small to medium-size businesses through Making Tax Digital (MTD) compliance. Our qualified team of accountants help businesses submitting their VAT returns under the standard rate, flat rate, MOSS, Marginal and other schemes.
Tax investigation letter may seem very straight forward in the first instance from HMRC, but it can bring further complications and surprises if not adequately handled. Our Tax investigation experts will provide you with specialist advice and take all the burden of dealing with HMRC inspectors.
What do our customer say about us
Why choose us
Our professional qualified team is registered with Institute of Chartered Accountants in England and Wales , Association of Taxation Technicians and Association of chartered Certified Accountants .
No two businesses are alike; therefore, we ensure that we tailor and customise our approach to suite your business accounting and tax advisory requirements.
You need a dedicated accountants to answer any accounting or tax related questions or even tax planning questions to avoid any costly mistakes.
Our team of professional accountants will be there for you via phone or emails.
We are partnered with famous accounting softwares QBs and Xero and others. this means more transparency and accuracy in accounts.
Unlike many other accounting firms, we offer fixed term prices to our clients in line with their accounting needs.
You will be provided full access to your accounts on completion of work. Our friendly team of accountants will always be available to answer your queries.
2020-2023 © All Rights Reserved