Are you a business owner looking for help with your VAT submissions and accounting? The Numbermsith are VAT specialists in accounting and tax services and can help your business stay compliant with the latest VAT responsibilities. We will work with you to ensure that you pay the correct amount of tax and that you don't miss any important VAT payments or the chance to claim vat back.
The UK withdrawal from the EU is likely to result in some changes in the area of VAT accounting. These changes could potentially be very significant to those who pay VAT, and businesses need to be prepared for them.
What is VAT?
The VAT scheme also known as value-added tax (VAT), is a tax that is charged on most goods and services in the United Kingdom. The purpose of VAT value-added tax is to raise revenue for the government. It is also used to encourage consumers to purchase domestic goods and services.
When Do You Need To Cecome VAT Registered ?
If you're thinking of starting a business in the UK, you may be wondering when you need to become VAT registered.
If you're thinking of starting a business in the UK, you may be wondering when you need to become VAT registered. There are a few things to consider when making this decision, so it's best to seek professional advice from chartered accountants on the best VAT scheme. However, as a general rule of thumb, you will need to register for VAT if your annual taxable turnover is more than £85,000. The proper vat taxes rate in the UK is 20%. Goods and services that are subject to VAT include:
- Standard-rated items (20% VAT)
- Reduced-rated items (5% VAT)
- Zero-rated items (0% VAT)
What Are The New Guidelines For VAT?
As new guidelines emerge on how VAT schemes are going to work in the UK post Brexit, we will be advising clients on the best way to proceed…until then our VAT work on behalf of our clients will continue:
- VAT registration procedures: Whether to register and if so, when to register with HMRC ( we will help with the registration process)
- ?VAT records: We ensure that your records are maintained to the highest standards to ensure you comply with VAT legislation
- Flat rate scheme: Where it is feasible for smaller businesses, and where cost effective, we will ensure clients take advantage of this concession
- VAT Returns: Normally quarterly but these can be prepared monthly, submitted online through our MTD compliant software
- Payments to HMRC: We'll tell you what to pay, when to pay and where/how to pay so you hit all HMRC deadlines
- Partial exemption: Some of our clients have supplies which are both exempt and standard rated so we ensure the correct VAT liability is calculated and reported
- HMRC enquiries: If a client business is chosen for an enquiry, we liaise with HMRC alongside our clients ensuring that HMRC have the requisite information to complete their work. The good news is that the costs of our work is covered by our fee protection scheme which is included in our fee…!
VAT & Making Tax Digital
Is your business ready for
Making Tax Digital for VAT? The new initiative from HMRC will require all businesses above the VAT threshold to maintain digital records and submit quarterly returns using compatible software. Are you prepared?
From April 2019, VAT-registered businesses with a taxable turnover above the £85,000 threshold will need to keep digital records and use Making Tax Digital compatible accounting software to file their VAT returns. The good news is that there are plenty of software options available that can help you tax planning and meet these requirements. The key is to choose a solution that works best for your business. If you're not sure where to start, our making tax digital for VAT guide can help you find the right software and get started with making your business ready for making tax digital for VAT.
We have researched the market and tested several systems. The conclusion of our work is to recommend either Xero or Quick Books as your MTD compliant cloud-based system.
We are Platinum partners for both Xero and QuickBooks and as such, in an enviable position to advise and implement your new cloud system.
Our VAT team specialise in looking after client’s records for them, however, if you decide to maintain your accounting records independently, we recommend you choose either Xero or Quick Books and that undergo training on your chosen system to avoid any errors VAT issues occurring.
Hire A VAT Accountant To Help With Your VAT Compliance
Our happy clients love the work we do for them to make VAT understandable so that payments are optimised and can be planned in with cash flow in a controlled way.
For more information contact us