VAT can be an arduous and complex tax regime to affect your business. It is quite possible to inadvertently overpay or underpay your VAT liability. Penalties and charges apply for late VAT registration, late payment of VAT and under declaration of VAT, which can be as high as 100% of the tax lost.
We can help you avoid such penalties by:
- Bookkeeping and completing VAT returns using your records, or
- Completing VAT returns based on your bookkeeping and records, or
- Providing VAT training and ongoing support where necessary.
We can assist with selecting accounting software, producing a valid VAT invoice, completing VAT Returns and HMRC enquiries.
In most cases, if your turnover exceeds the VAT registration limit for a twelve month period, you must register for VAT. However, if your turnover is below the VAT registration limit, you could register voluntarily. Voluntary registration is not always desirable, but it could reduce your tax bill, and at no additional cost to your clients. We would be happy to discuss whether voluntary registration is right for your business.
We can also advise on other aspects of VAT, including:
- The benefit of government schemes for small businesses, such as the flat rate scheme, annual accounting and cash accounting.
- VAT on land transactions and the option to tax commercial premises.
- VAT on selling or winding up a business, on buying a business or franchise.
We are happy to discuss all your VAT needs. We take into account your business situation to optimise your VAT position, but we also consider the effect of a decision on all of your tax liabilities to help keep your overall tax costs to a minimum. Please contact us for your free initial discussion.
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