What's the need?

Currently if your business has a taxable turnover in excess of £85,000 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 £85,000 in the next 30-day period
- Your business had a VAT taxable turnover of more than £85,000 over the last 12 months

In addition HMRC is mid way through a drive called Making Tax Digital. This initiative which will eventually spread to all forms of Tax means your submissions must be made electronically using software approved by HMRC.

You can register voluntarily for VAT before you reach the £85,000 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 bookeeping service. This is because although the act of submitting the return to HMRC is relativly simple the work is ensuring that the information within the return is based on is accuate 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 compatable 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.

How much does this cost?

We offer this service to companies of all sizes. As each company has a different requirement it is difficult to quote an exact price online. Factors which effect the cost include remote or on site working requirement, number of transactions to check through and frequency of submission. We would be happy to meet with you or chat through your requirements on the phone to provide you with an accurate and competitive quote.

Contact Us for a no obligation friendly chat about your needs.