VAT registration can be a burden on time you simply can’t afford when you’re running your own business, but our experienced team can put you on the right track.
HMRC now offers a range of schemes available to SMEs to tailor the VAT system, so whether you’re looking for us to take the hassle away completely and complete your VAT return preparation, or if you are looking for the optimum scheme that best suits your business - help is at hand.
We can advise you on whether you need to register for VAT and choose the right scheme for your business. By taking time to select the correct scheme you may potentially save your business two vital commodities - time and money. Once your business has been registered appropriately for VAT, the timing of the VAT period can be tailored to suit your business. It is common practice for VAT quarters to be set to fit in with a business' year end or at important times during the financial cycle. By working with you and HMRC, we can ensure that these dates are locked-down. It is also a possibility that your business can account for VAT on a monthly or annual basis as opposed to the more traditional quarterly basis.
Again, we are able to ensure that the VAT registration is tailored to your individual needs.
In completing VAT return preparation for your business we can ensure that the function is carried out in a timely and professional fashion, but also that the raw data going into the VAT return can be used by us to provide you with proactive advice in connection with the business.
- Our range of VAT services includes:
- Assessing the benefits and disadvantages to your business being VAT registered
- Managing the VAT registration process
- Advising on the various VAT schemes available
- VAT returns preparation
- Dealing with more complex VAT issues and transactions
If you are vat registered you usually submit a VAT Return to HM Revenue and Customs (HMRC) every 3 months. This period of time is known as your ‘accounting period.’
- The VAT Return records things for the accounting period like:
- your total sales and purchases
- the amount of VAT you owe
- the amount of VAT you can reclaim
- what your VAT refund from HMRC is
You must submit a VAT Return even if you have no VAT to pay or reclaim.
12 Months Contract. First payment by card, then direct debit payments for the remainder of the term.
To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:
- Assistance with VAT registration
- Advice on VAT planning and administration
- Use of the most appropriate scheme
- VAT control and reconciliation
- Help with completing VAT returns
- Planning to minimise future problems with HMRC
- Negotiating with HMRC in disputes and representing you at VAT tribunals if necessary.
We will start by registering your business for VAT with HMRC, or if you are an existing bookkeeping client outside of VAT, we can monitor your sales income to ensure that when you are close to exceeding VAT thresholds you are notified and registered on time. This eliminates the danger of late registration and possible fines from HMRC. Likewise, we can also help you de-register if your sales fall below the threshold.
A VAT registered business will prepare and file a VAT return at a frequency agreed with HMRC, for most businesses this is 1 month and 7 days after the end of the quarter. You will need to bring in your paperwork for bookkeeping or your own records for the period, which we will analyse and use to calculate VAT due and file the return before the deadline. We will remind you at the beginning of the month before filing that your VAT return is due to give you plenty of time to organise your paperwork, eliminating the stress of rushing or missing the deadline.
HMRC Investigations and Enquiries
Being the subject of a tax investigation or enquiry by HMRC can be a stressful and worrying experience. We have a wealth of experience in dealing with HMRC investigations, whether they are enquiries into an individual’s Tax Return, more detailed enquiries into a company’s affairs or employer-related investigations into PAYE and P11d compliance. If you are the subject of an investigation, we can provide expert help and support.
With the increased risk of such investigations it may be worth considering taking out our annual insurance policy to protect you and your business from unexpected costs; an investigation will undoubtedly result in additional accountancy work being undertaken. The amount of work will depend upon the complexity of the case but the cost could be substantial.
Need further assistance?
Please contact us to discuss on 0161 519 7648.