Value Added Tax is one of the most complex forms of taxation and it is the legal responsibility of the business owner to accurately and timely calculate and account for the taxes, as and when they fall due. Penalties are severe if the returns are inaccurately computed or submitted late.
The most common questions that a business has in understanding VAT legislations are:
- Should I register?
- How and when do I register for or deregister from?
- What scheme should I adopt to account for VAT?
It is not compulsory to register unless your turnover exceeds a certain threshold. However you can voluntarily register if your turnover is below this threshold depending on the type of business and whether you are net payer or receiver of the tax
We provide an efficient cost effective VAT service, which includes:
- Assistance with registration
- Recovery of any tax due
- Supervision of HMRC Inspections
- Production of Returns
We help eliminate time spent tracking invoices and preparing returns. We remove all the hassle, calculate the tax and let you know how much to pay or recover from HMRC. We advise on the proper set up of your business and changes in legislation so as to minimize your business liability. A reliable and accurate bookkeeping system assists in accurately computing the Tax . We will take care of the returns for you, including completion and submission to HMRC. We will ensure that they are completed correctly so that you avoid any undue problems with HM Customs & Excise. We will also ensure that you are recovering the maximum possible amount of Valued Added Tax that you are entitled to.
Correctly managing this tax can be a minefield, laws change frequently and it is vital to stay informed regarding such changes this is where we would come in, we would keep you informed on all matters of importance.
If your company is VAT registered this service can be offered as an integral part of our standard bookkeeping service.