We assist with VAT registration if your business meets the threshold for VAT obligations, or if you need to register voluntarily. Conversely, we handle deregistration when your business no longer needs to be VAT-registered, ensuring all necessary steps are completed and documented.
Our service includes preparing and filing your VAT returns accurately and on time. We handle all aspects of the VAT return process, including collecting relevant data, completing the return, and ensuring timely submission to HMRC, so you stay compliant with VAT deadlines.
We offer expert advice on VAT matters, helping you understand the implications of VAT on your business activities. Our planning services assist in optimising your VAT strategy, potentially reducing VAT liabilities and ensuring you take full advantage of available VAT reliefs and allowances.
We provide guidance on selecting the most suitable VAT scheme for your business, whether it’s the Standard Rate Scheme, Flat Rate Scheme, or another option. By analysing your business operations and turnover, we recommend the VAT scheme that best suits your needs, helping you manage VAT more effectively.
We assist businesses involved in cross-border transactions with VAT obligations, including advice on EU VAT rules, import/export VAT, and handling VAT registration in multiple jurisdictions. This service ensures compliance and optimises VAT recovery for international operations.
We provide comprehensive support for VAT compliance, including handling VAT inspections and audits. Our team ensures all records are in order and represents your interests during any HMRC reviews, helping you avoid issues and penalties. If you encounter disputes with HMRC regarding VAT assessments or penalties, we provide expert representation and mediation. Our goal is to resolve disputes efficiently, minimising financial impacts and ensuring fair treatment.
Our VAT services offer comprehensive support to manage your VAT obligations efficiently, allowing you to focus on growing your business. Get in touch today to find out how we can assist with your VAT needs.
Handle the process of VAT registration or deregistration, ensuring compliance.
Prepare and file VAT returns with precision and punctuality to avoid penalties and maintain compliance.
Provide expert advice and planning to optimise your VAT strategy and potentially reduce liabilities.
Guide you in choosing the best VAT scheme based on your business model and turnover, ensuring efficient VAT management.
The VAT registration threshold is £90,000 of taxable turnover in any rolling 12-month period. If your taxable supplies exceed this, you must register with HMRC within 30 days. You can also register voluntarily below the threshold, which can be beneficial if you have significant VAT-eligible expenses to reclaim.
The right scheme depends on your business model. The Flat Rate Scheme suits service businesses with low input VAT costs and simplifies administration. The Standard Scheme suits businesses that reclaim significant VAT on purchases. Cash Accounting suits businesses with slow-paying customers as you only pay VAT when you receive payment. An accountant can model which scheme saves you the most money.
As a VAT-registered business, on the Standard VAT Scheme, you can reclaim input VAT on most business purchases by submitting a VAT return to HMRC. You must hold a valid VAT invoice for each reclaim. Certain expenses, such as business entertainment and cars used privately, have restrictions on reclaim. Quarterly VAT returns are submitted via HMRC's Making Tax Digital platform.
If you exceed the £90,000 threshold but fail to register within 30 days, HMRC can charge a late registration penalty based on the VAT owed since you should have registered, plus interest. In some cases this can be a substantial sum. HMRC can also backdate your registration, meaning you may owe VAT on sales you have already collected without charging it.
Yes. If HMRC opens a VAT enquiry or compliance check, having a qualified accountant represent you can significantly reduce stress and the risk of an adverse outcome. We can gather the required documentation, correspond with HMRC on your behalf, and challenge any assessments we believe are incorrect.
Transforming financial complexity into growth opportunities.
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