VAT can be a minefield, to say the least, in HMRC’s own words. If you’re not careful, you could end up making costly mistakes when preparing and submitting your VAT calculations to HMRC.
Therefore most businesses seek the help of the professional Chartered Accountant to make sure they are staying compliant when it comes to their VAT returns to HMRC. After all, when you’re spending your time focusing on your business, the last thing you want is to have to learn all the ins and outs of VAT. Choosing us as your accountants take the burden off you and leave us to handle your VAT affairs, giving you the time you need to focus on your core business. Be sure to select our recommended business package which includes quarterly VAT returns.
How VAT works:
- Choose your VAT scheme – Your account manager can handle the VAT registration process after liaising with you to see which VAT scheme is best for you. Some popular schemes include;
- Standard: This is the most common scheme of VAT. You pay VAT to HMRC on what you have charged and reclaim VAT on what you have been charged.
- Flat Rate: This is the most straightforward scheme. You pay a percentage (based on your sector) on your gross sales and can only reclaim VAT on purchases over £2,000.
- MOSS: This is relevant if you have digital sales within the EU.
- TOMS: This is relevant if you are a tour operator.
- Wait to become registered – Once your account manager has assisted you in selecting the VAT scheme, he will register your business for VAT with HMRC. While HMRC will be processing your VAT registration, your account manager will be briefing you up on what you need to be doing going forward to meet your VAT compliances.
- Once registered – once you’re ready to go and receive confirmation from HMRC, we will ensure you are keeping on top of everything. This includes records keeping, preparing VAT returns and submitting VAT return (via Making Tax Digital route). Don’t worry; we’re here to help you every step of the way.
They will be able to give you an insight as to which are available to you depending on your business type, and which suits your business best.
Get in touch today, and our friendly team of advisors can help you decide which is best for you.
Why people choose us over other Accountants
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 firstname.lastname@example.org