VAT

Vat may be optional to the smaller business. Make sure you are aware of the VAT registration threshold.

Value Added Tax is a tax on sales of goods and services.

You may be liable to register for VAT once your taxable supplies for a period of twelve months or less exceed the current VAT threshold. We can help to ensure that you register on time without incurring financial penalties.

In some circumstances, you may wish to voluntarily register for VAT. We can advise you whether registering voluntarily would be beneficial for you.

There are a number of schemes that can be of benefit to the small business. Some schemes help with cash flow such as the cash accounting scheme. The flat rate scheme may even save you money as well as time.

Once you are registered, you must keep full and accurate records and commence preparing VAT invoices that charge the correct amount of VAT. We will help you ensure you keep records that adhere to the stringent requirements of HM Revenue and Customs. We can help you prepare your periodic VAT returns which we can file online on your behalf and which allows extra time for filing and paying VAT over to HM Revenue and Customs.