VAT is a complex area of the tax regime, and there are a number of different schemes available to benefit your business.
You’re obliged to register for VAT if your products or services are taxable supplies and your business has turned over more than £85,000 in the previous twelve months.
If your business turnover is less than £85,000, you may still be able to apply for voluntary registration. It could be beneficial for you to apply depending on your circumstances. You also have to keep adequate accounting records, sufficient for HRMC.
We will monitor your business. We’ll advise you when you need to register, prepare and will file your VAT returns on your behalf. We will also ensure you are fully compliant with the legislation and advise you on to most appropriate scheme to use. These include:
• Cash accounting schemes
• Flat rate schemes
• Margin schemes
• Annual accounting
Key areas of VAT returns:
• VAT registration
• Online submissions to HMRC
• Advising of the most appropriate VAT scheme for your business
• Monthly or quarterly bookkeeping and preparation of VAT returns
• Advising of the VAT status of your business and your taxable supplies
• Dealing with all HMRC enquiries, when required to do so