VAT
VAT Returns: Mastering Compliance Like a Pro
Navigating the labyrinth of VAT compliance can be a real headache. With the VAT man lurking, it’s crucial that your VAT returns are spot on. Don’t sweat it—we’ve got your back!
How We Can Help You with VAT Returns:
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Let Us Handle Your Bookkeeping: We’ll take care of the numbers and complete your VAT return seamlessly.
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Hand Over Your Books: Just give us your records, and we’ll handle the return for you.
We ensure your VAT returns are filed on time, keeping you clear of any nasty penalties.
Additional Services We Offer:
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VAT Registration Applications: Get set up without the hassle.
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Tailored VAT Scheme Advice: We’ll find the best fit for your business.
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VAT Planning: Strategize to maximize your efficiency.
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Dispute Resolution with Customs: We’ll tackle any issues that arise.
If you’re in business, VAT is part of the game. Whether you’re selling goods or services, VAT will likely be charged on your sales.
VAT Registration: Are You in or Out?
The big question is whether you should register for VAT. Current legislation states that if your taxable turnover exceeds £85,000 in a 12-month period, you must register. Here’s the breakdown:
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VAT Exempt Supplies: If your business only makes VAT-exempt supplies (like finance, insurance, health, and education), you can’t register. Unsure? Keep track of whether your supplies are taxable or exempt.
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Taxable Supplies Over £85,000: You must register for VAT. There are strict time limits, and penalties for missing them.
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Taxable Supplies Below £85,000: Here’s the rule of thumb:
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If you’re mainly B2B (Business-to-Business), register to reclaim VAT paid out.
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If you’re mainly B2C (Business-to-Consumer), don’t register; it’ll just hike your prices.
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The registration process is all online now, but the HMRC website can be a maze. Contact us to simplify the process!