Value Added Tax (VAT) is a fundamental component of the UK’s tax system, impacting businesses of
all sizes. VAT is a consumption tax that is levied on the value added to goods and services at each
stage of production or distribution. It’s essential for businesses to understand and manage their VAT
obligations efficiently to ensure compliance and minimize tax liabilities.
Our accounting services include comprehensive VAT expertise. We assist businesses in navigating the
complexities of VAT registration, reporting, and compliance. Whether you’re a small business or a
large corporation, our dedicated team ensures that your VAT matters are handled accurately, helping
you stay on top of your financial responsibilities and avoid unnecessary penalties.
If you’re just starting out, we can help you decide whether you need to be VAT registered from the outset or not. And we will continue to monitor your situation, so that should it become obligatory for you to register for VAT, we can deal with all of the paperwork for you.
In contrast, we will also monitor your position for when we think you are able to and would benefit from deregistering.
Whether a new or existing business, we will also look at the VAT schemes you are eligible for and establish whether you would be better off adopting one or a mixture of them. Some VAT schemes can lead to tax savings and a reduction in bookkeeping responsibilities.
We can prepare your VAT return; either from your own bookkeeping records or we can take care of your record keeping and the VAT return. And we will try to ensure that you claim as much VAT as possible, particularly on contentious items such as mixed-use expenditure and motor running costs.
As with other areas of tax, we can act as your Agent for VAT purposes and therefore correspond with HM Revenue & Customs (HMRC) on your behalf. Paper VAT returns are pretty scarce now but our software also allows us to file your VAT returns online with HMRC.
Needless to say, late VAT registration, errors, late VAT returns and late VAT payments can all lead to penalties and possibly interest being charged. So allowing us to take care of your VAT affairs, not only gives you peace of mind, but it should also avoid you wasting your hard-earned cash on penalties and interest.
