VAT Returns
We offer professional services including VAT Returns and VAT Compliance, a complex area of accounting.
VAT Returns
We offer professional services including VAT Returns and VAT Compliance, a complex area of accounting.
VAT Registration
VAT, or Value Added Tax, is something we’re all familiar with in terms of paying for goods and services. Depending on the income of your business, you may be required to register for VAT. The threshold currently stands at £90.000 in any 12-month period, or in a single 30-day period. The registration must be made within 30-days of exceeding the threshold. We can help register your business if it has a turnover which is over the current VAT threshold, obtaining your own unique nine-digit VAT number.
At this point you must register to pay and add VAT on products and services you purchase.
This must be paid to HMRC on a quarterly or monthly return basis. And if the situation arises, we can also assist with de-registration, and partial exemption claims (VAT Notice 76). If you have high outgoings, and you work with lots of VAT registered clients, registering is good news as you can claim your VAT back on eligible, rated expenditures. We can advise on what you can and cannot claim.
VAT Returns
VAT Registration is just part of the story. We can also help with your VAT Returns in a timely, efficient manner. The returns should detail how much VAT you’ve charged your customers and how much VAT you’ve paid other businesses. As mentioned above, VAT returns can be made monthly or quarterly (every 3 months). We also help with VAT compliance and can help with any VAT enquiries and disputes. Did you know VAT Returns can run alongside our Bookkeeping and Management Accounting services?
VAT Returns
VAT Registration is just part of the story. We can also help with your VAT Returns in a timely, efficient manner. The returns should detail how much VAT you’ve charged your customers and how much VAT you’ve paid other businesses. As mentioned above, VAT returns can be made monthly or quarterly (every 3 months). We also help with VAT compliance and can help with any VAT enquiries and disputes. Did you know VAT Returns can run alongside our Bookkeeping and Management Accounting services?
Different Rates of VAT
We can assess your company’s tax efficiency and advise you to register if necessary. We can also register you for the appropriate VAT scheme. Our team can manage the registration process, and inform you of any new laws and regulations. Currently there are different rates of VAT. There is a standard rate of 20% on goods and services. There is also a reduced rate of 5% on facilities such as heating. Zero-rated goods including books, newspapers and most food. Therefore, we can advise which VAT scheme would be suitable for your business and we can help with the constant computations and juggling of paperwork too. Other elements to consider are payment deadlines, which differs from your VAT period end date.
Types of VAT Accounting
Standard VAT accounting: your VAT payments are based on the date invoices are raised (not the date they’re paid).
Cash Accounting: when your VAT payments are based on the date invoices are paid. This type of accounting is also available to companies with a turnover below £1.35m.
Annual Accounts: when VAT is paid on account through the year in nine-monthly or three-monthly instalments.
Flat Rate VAT, or FRV: designed for smaller under which you charge VAT at the full rate but pay a lower percentage to HMRC.
Payments are also made electronically
Types of VAT Accounting
Standard VAT accounting: your VAT payments are based on the date invoices are raised (not the date they’re paid).
Cash Accounting: when your VAT payments are based on the date invoices are paid. This type of accounting is also available to companies with a turnover below £1.35m.
Annual Accounts: when VAT is paid on account through the year in nine-monthly or three-monthly instalments.
Flat Rate VAT, or FRV: designed for smaller under which you charge VAT at the full rate but pay a lower percentage to HMRC.
Payments are also made electronically
Got a Question?
If you have any queries or want to know more then please feel free to get in touch
01482 688356
The Temple,
Hesslewood Office Park,
Ferriby Road, Hessle, HU13 0LH