VAT

Compliance with VAT legislation can be very expensive if you get it wrong.  We help ensure that you are on the most beneficial VAT scheme for your business needs and fully meet your VAT reporting obligations.

For a free initial meeting to discuss how we can help you contact us online or call us on T: 023 9248 4356T: 023 9248 4356


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VAT

Businesses must register for VAT with HMRC if their VAT-taxable turnover is more than £85,000 (VAT threshold).

All VAT-registered businesses must charge VAT on their goods or services and may reclaim any VAT they’ve paid on business-related goods or services.

If you are a VAT-registered business you must report to HMRC the amount of VAT you’ve charged and the amount of VAT you’ve paid. This is done through your VAT Return which is usually due every three months.

For more information about VAT please see our Introduction to VAT advice guide.

You might also be interested in reading about the many quirks and foibles of VAT in this factsheet

Capital Goods Scheme for VAT

If you acquire or create an expensive capital asset, or already have one when you register for VAT, you may have to adjust the amount of VAT you reclaim. You do this by using the Capital Goods Scheme, which allows you to spread the initial VAT claimed over a number of years. For more information on how this works please see our guidance.

Making Tax Digital for VAT - April 2020 Update

Due to the COVID-19 crisis, HMRC has also deferred the MTD for VAT mandatory requirement to report through digital links until April 2021. This effectively means that penalties for non-digital filing will be effectively put on hold for a further 11 months.

How we can help

We offer fully managed outsourced VAT services including:

  • Advice as to whether your business needs to become VAT-registered and when
  • Preparation and online filing of your VAT returns
  • Planning and structuring VAT transactions
  • Health checks to ensure VAT compliance
  • Customs duties
  • VAT advice with regards to specific sectors
  • Assistance with partial exemption calculations and annual adjustments

We provide a fixed fee quote, which is based on your unique requirements.  Please call us on 023 9248 4356 if you need advice.

 

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