Value Added Tax or VAT is a tax that's charged on most goods and services
that VAT-registered businesses provide in the UK, on some services that are imported from countries outside
the European Union (EU), and other services which are brought into the UK from other EU countries.
Who should register for VAT?
businesses or services who sell taxable supplies
If you previous 12 months turnover was in excess of £70,000
You don't have to meet either of the above criteria - you can register for VAT at any point but please check with us if you are not sure, it has happened that customers have registered and not needed to, which is a costly mistake.
There are two types of VAT scheme, the standard scheme where you would pay 20%, 5% or 0% VAT depending on the goods or you can enter into a flat rate scheme which is dependent on your industry.
We can take the stress out of the VAT return for you. We simply register to become your agent and can ensure that you VAT returns are completed correctly and on time - stopping any fines and worry.
The key to a successful VAT return is making sure that all your book keeping is up to date and that the VAT amounts have been input correctly - every penny helps! Using accounts software such as Kashflow, Sage, VT Transaction plus and other types, this process can be made much simpler for you. It can also enable a regular check of how much VAT is due, so it doesn't come up unexpectedly.
HMRC are doing many more visits to smaller businesses now, so making sure your book keeping, accounts and tax returns are all up to date is vital. If you do get a visit, or have had a visit requested, please give us a call, we can be there to support you and review your figures to make sure everything is OK.
here to help businesses in Dorset, Hampshire and Wiltshire
