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VAT Returns and Registration

Specialist knowledge is needed to work with VAT as there are many rules relating to what is allowable or not. Input and Output VAT, zero rated supply, exempt services, disallowable services, EC sales or supply… the list goes on and it all needs accounting for.

We will work closely with you to ensure that your VAT affairs are accurate and complete, giving you piece of mind that there are no nasty surprises to come.


 

Our services include:

  • Preparation of the VAT Return ready for HMRC submission
  • Registration for VAT and online filing of VAT Return
  • Monthly, quarterly or annual submission
  • Cash accounting scheme management
  • EC sales list application and submission
  • General advice on VAT treatment and VAT schemes
  • Negotiation with HMRC
  • VAT inspection preparation and attendance
  • All bookkeeping treatment within your Accounts

 

Here we share our top VAT tips especially for owner managed and family owned UK based businesses:

  1. What is your turnover? Do you need to be registered for VAT, if you don't need to compulsory register for VAT, would it be worthwhile deregistering? Let us help you calculate the cost implications.
     
  2. If you are not currently VAT registered you must monitor your turnover regularly to comply with the current VAT threshold – there could be penalties for late VAT registration.
     
  3. Make sure you calculate your VAT liability correctly. Many businesses pay VAT on items they shouldn't and don't reclaim all the VAT that they are entitled to.
     
  4. File your VAT returns on time and make sure that VAT payments are made by the deadlines, as there could be financial penalties for not meeting VAT deadlines.
     
  5. If you are experiencing cash flow difficulties and will struggle to make your VAT payments on time, then contact HMRC and negotiate payment terms.
     
  6. Would it be beneficial to change your VAT scheme? Due to changes in legislation, we are finding that businesses on the flat rate scheme are no longer benefiting and are better off opting out of the scheme and submitting regular VAT returns instead.
  1. If you are making sales to EU businesses that have a VAT number: are you registered to complete EC sales lists and are you aware of the invoice requirements?
     
  2. Are you a foreign trader selling products on Amazon or Ebay to the UK (distance selling)? Do you need advice on whether you need to register for VAT in the UK?
     
  3. Would you benefit from registering for annual accounting? This may be worth considering if there are few transactions.
     
  4. Do you account for VAT on the basis of cash received or paid or on the invoice date? The method used could have financial implications on the cash flow of the business.

Useful resources

VAT application  | Download

VAT notification of changes  | Download





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