VAT

VAT Advice

As your business develops, you will need advice on VAT to ensure that you are aware of any obligations placed on your business by VAT legislation.

The advice can be about the rate of VAT you should be charging on your products and services, the appropriate VAT scheme for your business, most importantly if it is advantageous or necessary for you to register for VAT.

VAT Registration

VAT Registration is currently required for most businesses with an annual turnover of £73,000 in any 12 month period, not just your financial year.

We guide your business through the VAT registration process and advise on the potential benefits to your business of VAT registration, even if it is not a legal requirement, there may be benefits by registering voluntarily.

Accounting for VAT and VAT Returns

Accounting for VAT can be a confusing for of any business, it is not the simple tax it was intended to be. There are a variety of VAT rates which apply to different goods or services. You will need to know the rates you charge to customers as well as what your business can reclaim.

We are happy to give you the level of service you require, we can maintain or help you maintain your VAT records, prepare and file your VAT Returns. Alternatively, you may have the knowledge and be happy to prepare your own VAT returns.

We can work closely with you to ensure your VAT accounting records are accurate, or offer more specific VAT advice as and when you need it. We have experience of managing visits from VAT inspectors so we can help by undertaking a pre-inspection visit so that you are ready, should the need arise.

Accurate bookkeeping will be the key to good VAT records. For many businesses this can be a time consuming exercise, especially so for those who are unsure what records need to be kept. This means there is less time for you to concentrate on what you do best.

For clients in this position looking for more regular support we are happy to provide a variety of bookkeeping services. Please refer to our page on bookkeeping.

As a business develops, you may employ a bookkeeper to assist with this process. However for many small businesses, this can place an unwanted financial burden and reduce the profits available for taking out the business.

We can also help maintain your Payroll, CIS (Construction Industry Scheme) and VAT records, complete your returns and take on short-term projects to relieve you or your staff of any temporary overload.