Value Added Tax

Identifying areas in which VAT registration may be of financial benefit to your business...

Value Added Tax photo

VAT Accounting Services can prove essential for the smooth running of your business and to ensure you comply with any statutory requirements.

VAT is commonly viewed as a complex area of business, especially by those who feel it has been imposed on them. Not only can we provide VAT Accounting Services to ease the burden of VAT reporting, but we can also identify areas in which VAT registration may be of financial benefit to your business.

Our VAT accounting services vary from providing advice, helping you register for VAT or undertaking your VAT accounting to preparing & filing your VAT Returns, and can be tailored to the needs of your business.

VAT Accounting

Given the various VAT schemes and different VAT rates depending on the goods or services provided, VAT Accounting can be a confusing aspect of any business venture.

Whether you are in the process of registering for VAT or are already VAT registered, in order to avoid the risk of penalties, you need to ensure that your VAT accounting is being undertaken correctly. We can work with you to ensure the accuracy of your VAT accounting. This can vary from providing ad-hoc advice, to maintaining your VAT records on an ongoing basis and the preparation and filing of your periodic VAT Returns.

Accurate VAT accounting will also facilitate any inspection or subsequent investigation should the situation arise.

VAT Advice

Depending on the nature of your business and the level of your turnover, you may be obligated to adopt one of the HM Revenue & Customs VAT schemes, for example the second hand goods scheme by car dealerships.

We can provide you with VAT advice, ensuring you select the optimal VAT scheme for your business. Since VAT requirements and options can vary significantly between large and small companies as well as business sectors & the products and services provided, VAT advice can prove invaluable in navigating the VAT system & avoiding penalties.

Working with you as your business grows, we can also provide you with VAT advice that ensures you are aware of any changes in the VAT obligations of your business. This can involve VAT advice about the appropriate VAT scheme(s) for your business as well as VAT advice about the level of VAT you should be charging on your products / services.

VAT Registration

VAT registration is currently required in the UK for most businesses with an annual turnover in excess of the VAT threshold (please refer to tax rates within the tax information section). If you are likely to reach the threshold within the next 30 days, you must act now to ensure your VAT registration is in place in time. We can guide you through the VAT registration process and can also advise on the following:

  • when a business must register
  • what constitutes legitimate or artificial separation of businesses
  • when voluntary registration may be beneficial for your business
  • what steps you need to take while awaiting for your VAT registration application to be processed
  • whether VAT registration is required even if your business is based outside the UK
  • whether you need to register for VAT in another EC country (Distance selling)

VAT Returns Services

We also offer a VAT Returns Service, whereby we prepare and submit your VAT returns to HM Revenue & Customs.

In order for us to provide our VAT Returns Service, we first need to receive your formal authorisation to act on your behalf as your agent. This is a straightforward process requiring the completion of a standard form. Once in place, we can then work with you to set up the procedures required for the smooth running of our VAT Returns Service.

Please note that although we can provide the VAT Returns Service, you remain legally responsible for the declaration and the payment of any VAT.