VAT
VAT Registration & Returns
VAT SCHEMES
The lowdown on VAT...
Why use an Accountant to do your VAT Returns?
When a business reaches £90,000 turnover, they need to register for VAT with HMRC and submit quarterly VAT returns.
If you're already a client of ours for bookkeeping, we'll already be keeping an eye on your turnover for you to ensure you register in time.
Although you could complete your VAT return yourself, it is not as simple as you might think.
There are many VAT rules for whether you sell goods and services, hire or loan goods to someone and selling business assets. Some services are VAT-exempt while others have reduced VAT rates of 0% or 5% .
The Government has also brought in the recent reverse charge VAT rules for the construction industry which took effect from 1st March 2021. It affects the way in which VAT is collected. It applies to individuals or business registered for VAT in the UK.
The sooner you are able to get a grasp of HMRC’s VAT rules the better it will be for your business. We can provide advice on your VAT liabilities, and specifically on the VAT implications of any transactions.
Choosing the right VAT scheme can make a huge difference to your business. There are a number of factors you need to consider:
- Nature of your business
- Your products and services
- Expected revenues
– all of which can determine which is the right VAT scheme for you and your business.
With the introduction of Making Tax Digital for VAT, you may not be confident in registering yourself, so you may need a helping hand to guide you in the right direction.
As a business, your responsibility is to register with HMRC. To do this, you will need a Government Gateway ID and password, VAT number and business email, plus the last VAT return you submitted. In addition to this, a sole trader would need their National Insurance number, and partnerships or limited companies will need their UTR.
Your VAT Accountants in Rutland
We prepare VAT reporting and your returns on your behalf. We will submit it online; you just need to pay any amount due to HMRC each quarter.
Once you have chosen the right VAT scheme, we will then help you through the registration process and advise you on how to switch if you are moving to a more tax-efficient scheme. We will also help you stay on top of all the VAT laws and regulations.
We offer very competitively priced packages.
For our complete VAT returns & advice service please get in touch