Understanding your VAT obligations
VAT can be a great burden for many business owners. Navigating varying schemes and charges, increasing and decreasing rates and quarterly VAT returns can be a headache – but our VAT accountants can be the painkiller you need.
As a professional accounting firm, we know that VAT can be complex. The calculations alone are enough to put off many clients from tackling their VAT obligations by themselves. Thankfully, there are many benefits to working with our VAT accountants, whether you’re just after some advice or you need us to handle all your VAT needs for you.
Varying rates of VAT
When your business exceeds the VAT threshold, you’re required to register for VAT. Some businesses even volunteer to register to improve tax efficiency and ease their cash flow. But from the start, it’s important to understand which VAT scheme to join, how much you need to charge for your goods or services and how to file your VAT returns.
Mismanaging your VAT can prove to be fairly costly. Getting your return wrong, missing a payment or forgetting a deadline can result in a fine or an investigation.
We know the VAT system inside and out. We can apply our extensive knowledge to make sure you stay compliant with your reporting obligations to HMRC. With us by your side, you can rest assured everything is above board.
Making Tax Digital
Under Making Tax Digital rules, all VAT-registered businesses now have to report and file their quarterly VAT returns through HMRC-approved cloud accounting software. While a few businesses may be digitally exempt, everyone else has the legal obligation to adapt to this new way of doing taxes.
As a modern accounting firm, we use the best and latest cloud accounting software, so we’re more than ready to organise your VAT filings on your behalf. And if HMRC comes back with any questions about your return, we can handle those enquiries, too.
Registering for VAT isn’t the be all, end all. If your business dips below the threshold (or is expected to) you can deregister from the scheme. Again, you don’t have to deal with this yourself. We’ll take the registration process off your hands and keep track of your turnover, ensuring you stay compliant and keeping you in the loop every step of the way.
If you need help with your business’s VAT obligations, all you have to do is get in touch. We will take you through the process and your liabilities step-by-step.
To talk about what you need, just drop us a message, and we’ll be right with you.