Service Details

Self Assessment's Annual Accounts VAT Bookkeeping CIS - Construction Industry Scheme Payroll

VAT

We Manager you VAT. We can register you for VAT when the time is right, prepare and submit monthly, quarterly or annual VAT returns and reclaim any amounts owed.

VAT

VAT - Registration, submissions and advice

What's the need?

Currently if your business has a taxable turnover in excess of £90,000 then you must register for VAT. Value Added Tax is a tax on most, but not all, goods and services which you collect on behalf of HMRC. VAT that you charge your customers must be paid to HMRC minus the amount of VAT that your have paid out as part of your business operations.

You must register for VAT if:

- You expect your VAT taxable turnover to be more than £90,000 in the next 30-day period
- Your business had a VAT taxable turnover of more than £90,000 over the last 12 months

There are different tax schemes available, if your worried about being forced to go VAT registered, perhaps because you feel it will price you out of the market, get in touch and we may have a scheme better suited to your needs such as the flat rate scheme.

You can register voluntarily for VAT before you reach the threshold.

There are penalties and surcharges if you do not file and pay your VAT return on time.

We Can Help!

Gone are the days of a one size fits all for VAT payments. Schemes now exist such as the flat rate VAT scheme whereby your business would pay a flat rate of VAT on sales and keep the difference between what you charge and what you pay to HMRC. There is also the annual accounting scheme whereby you submit a VAT once a year. We can look at all the options for your business and advice which scheme will be best for you.

Most of our clients who engage us to submit their VAT returns already use our bookkeeping service. This is because although the act of submitting the return to HMRC is relatively simple the work is ensuring that the information within the return is based on is accurate data. A lot of clients do not realise that there are different rates of VAT such as Standard, reduced VAT and exempt depending on the goods and services you are buying and selling.

As a standalone service we can take your own bookkeeping data, check it and advise on errors - subject to approval we can then submit the information to HMRC using software compatible with the new making tax digital legislation. If we are already undertaking your bookkeeping we already know that the information in your books is correct, we will double check and then submit this information directly.

  • Stay Fully Compliant
  • Make Sure you are getting the maximum VAT back
  • Get expert advice on which scheme to use
  • Avoid fines and Penalties by filing on time