VAT Account Services
Services:
◉ What is VAT and why you need an expert?
● Introduction: Value Added Tax (VAT) in the UK was first introduced in 1973. When you buy or bear an expense, you buy VAT on that and can claim it back from HMRC. Similarly, when you sell a product to a client, you charge them VAT, and that amount belongs to HMRC. You collect that amount on behalf of HMRC and then pay it to tax authorities. However, any input VAT will be canceled out by output VAT, and only the remaining balance is paid or claimed back.
● Complexity of VAT Compliance: VAT regulation seems straightforward, but compliance can be a difficult maze, and navigating through that maze can be devastating without the guidance and help of an expert. The VAT tax regime consists of different rates for different products and industries, and moreover, there are several VAT schemes.
◉ Why Choose Businesswise Accountants for VAT?
● Expertise in VAT: We have a team of professionals with vast industry experience in dealing with different types and schemes of VAT. These experts understand the needs and requirements of every business and what type of software and approach will best fit for a certain business.
● Client Protection & Compliance: We aim to protect the interests of our clients while also ensuring that each client is compliant with the requirements set by HMRC.
● Comprehensive VAT Services: We provide the best advice to all businesses on when to register for VAT, which scheme to choose, and which software is suitable for your business to maintain records for input and output VAT. It is obligatory for all businesses to register for VAT if they reach the threshold of £85,000 in rolling 12 months.
◉ VAT Return Submission:
● Quarterly VAT Return: Mostly, companies are registered for quarterly VAT return submission through the standard rate VAT scheme. Our job is to delicately calculate output VAT and input VAT to file your VAT return.
● Handling Various VAT Schemes: There are various VAT schemes like flat rate schemes and retail industry schemes. All this information hints at a lot of paperwork and careful handling and categorizing of the data. But don’t sweat it—Businesswise is here to help you navigate every single step and help you fulfill your legal obligations.
◉ EC Sales List:
If you supply goods or services to other businesses in European Union countries, it is mandatory to file an EC Sales List to HMRC. We can help you compile the list from your accounts and submit it on your behalf to HMRC.
◉Which VAT Scheme and Rate Should You Apply to Your Products?
◉ What If Business Circumstances Change?
● Scheme Transition: If you are registered for a flat rate scheme but your revenue has increased, then after a certain limit you may have to leave that scheme and opt for a standard rate scheme. We help you choose the right scheme for your type of business and according to your annual turnover.
● De-registration: There may arise some situations where you can be allowed to de-register for VAT. For example, if you have stopped making VAT taxable sales or your major chunk of sales is through zero-rated sales, then in such cases we can advise you when to de-register, and we handle that for you on your behalf.
◉ Which VAT Services Do We Provide?
We provide a variety of VAT services which include:
● Online VAT return submission
● VAT accounts reconciliation
● External VAT audit compliance checks
● VAT transactional advice and rulings
● VAT investigation
● VAT advice on property transactions
● VAT compliance visit support
● VAT schemes advice (flat rate scheme, cash accounting scheme, second-hand goods scheme)
◉ Why You Should Register for VAT?
● Mandatory Registration: It is compulsory for businesses to register for VAT once they reach the minimum threshold of £85,000 in sales revenue or if you are expecting the sales to exceed that limit in the next 30 days. All sales revenue should be included in that except for VAT exempted sales.
● Compliance and Penalties: Compulsory registration is important because non-compliance can lead to penalties and bring a bad name to a business. Voluntary registration can enable a business to claim back the VAT they have paid on purchases and expenses incurred.
◉ Expert Opinion:
● Importance of Accurate VAT Handling: The complexity of VAT regulations and the dynamic nature of its compliance require that only a qualified and competent person should supervise this task. Accurate and true information is key to protection from HMRC inquiries in the future. It is vital that you don’t pay less or more than what is required to HMRC.
● Preparedness for HMRC Investigation: Tax authorities can open an investigation and even visit your business premises, so any business should always be prepared for that. Accurate record-keeping and compliance are the way to go.
Join us for Free Consultation
Whether you’re looking to optimize your tax strategy, streamline your bookkeeping, or navigate complex financial regulations, our team of experienced professionals is here to guide you every step of the way. Book your free consultation today and take the first step toward financial clarity and success!
