Value Added Tax (VAT) is a tax that applies to most business transactions involving the sale of goods or services.
Once your business turnover reaches a certain level (see our Budget pages), you will have to register for VAT. To keep track of when you need to register you need to apply a twelve month rolling sales figure. Get it wrong and you will incur penalties from HMRC. It may be more tax advantageous to register voluntarily in order to recover the VAT on your expenses.
The rules regarding VAT are complex and getting it wrong could be expensive. If you require advise on what can or cannot be claimed then speak to us today.
Do you dread each quarter date knowing you have to spend time doing your VAT return and possibly making errors? If you do, then call us to discuss how we can help you.
Are you using the correct VAT scheme for your business:
– Flat rate scheme
– VAT cash accounting
Do you have exempt services mixed in with your standard rated services(e.g. rent received)? If so, you will be required to apply the partial exemption rules which we can advise you on.
Take the strain out of VAT and contact us today.