Ever changing regulations and the growing demands of H M Revenue and Customs mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with regulations. Our highly experienced team can advise on VAT issues from helping you with initial registration through to answering complex questions and providing VAT planning. Utilising our expert team, we can help to minimise the danger of failing a VAT inspection, reduce your VAT bill and help improve the cash-flow of your business. To help you manage this complex area, we provide an efficient, cost effective VAT services which includes:
Registering your business for VAT as and when required
Provide you with details on the best VAT Scheme for your business
Analyse all your income & expenses from the records you provide
Calculate any VAT due to H M Revenue & Customs or VAT refunds that may be due to you
Provide you with details on how to make your VAT payments
Provide you with a VAT Return for your approval and signature
Submit your VAT Returns online
Register and Submit Machine Games Duty Returns if required
De-register your company from VAT if you fall below the VAT Registration threshold
Bookkeeping
Liaise with H M Revenue and Customs on your behalf
Provide support and guidance through an inspection if one should arise
VAT Rates and Calculations
There are different rates of VAT that apply to different types of goods and services. And there are some goods and services that are exempt from VAT. There are three VAT rates: Standard rate – 20% Reduced rate- 5% Zero rate- 0% The VAT rate was previously 17.5% but was increased on 4th January 2011. If you are VAT registered you should check regularly with HM Revenue and Customs to keep up to date with any VAT rate changes. Flat Rate Scheme- the rates for the Flat Rate Scheme were also changed on 4th January 2011.
VAT Registration Threshold
You must register for VAT if your VAT taxable turnover for the previous 12 months is more than £85,000. This is known as the VAT registration threshold and it changes on a yearly basis. You must also register for VAT if either of the following applies: -you think your VAT taxable turnover will go over the threshold in the next 30 days -you take over a VAT-registered business as a going concern The deregistration threshold for VAT is £79,000. If your VAT taxable turnover for the year is less than this or you expect it to go below this limit in the next 12 months you can have your VAT registration cancelled.
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