Do you own a limited company in the UK? Do you have a turnover of more than £85,000? If yes, then you must register for VAT with the HM Revenue & Customs (HMRC). This is a legal obligation that you must meet. Furthermore, once you register, you can submit a VAT return every quarter— four times in a year. The way this is calculated is on a rolling 12 month period and can be quite complex, so don’t hesitate to contact us to see if we can help support you in this transition.
VAT is the abbreviation for value-added tax. This is a consumption tax that is placed on a product whenever a value is added to the product at each stage of the supply chain starting from production to the point of sale stage. The standard rate of VAT in the United Kingdom is 20 percent.
On the other hand, a VAT return is the VAT amount that is due on sales minus the VAT amount that is reclaimable on purchases. The result is the amount payable to the HM Revenue & Customs. So, if the reclaimable amount on purchases is higher than the sales amount, then the HMRC will give you the difference back. Therefore, you must get the VAT return amount right. And this is one of the many reasons why you need to hire an experienced accountant for VAT returns.
Assist You with Complex VAT Paperwork
An experienced accountant understands the holy-grail, thus, they can navigate the process smoothly by taking care of all the paperwork and sparing you the stress and hassle involved. Furthermore, an accountant will closely monitor your business position to make sure when you will benefit from VAT returns and when it be better to deregister.
Help You Understand and Select the Best VAT Scheme
There are 3 VAT schemes to choose from. Selecting the right one can be critical to ensure good cash flow for your business. This is another good reason to benefit from the services of a professional accountant. A professional and experienced accountant has a sound understanding of the VAT schemes. They can help you evaluate each VAT scheme with respect to your business and decide whether you should adopt one or a combination of two VAT schemes. Furthermore, the right selection of VAT schemes can lead to tax savings and reduce bookkeeping responsibilities.
Prepare Your VAT Returns
Besides this, an accountant can maintain your records and file your VAT returns accordingly and in a timely manner. As they take care of your record keeping, they’ll be able to claim maximum VAT, especially on contentious items like motor running cost and mixed used expenditures.
Save you From Penalties
With the assistance of an accountant, you don’t have to worry about late VAT registration, returns, payments or errors, which can otherwise lead to big penalties and interest charges.
So, if you’re looking for a trusted, experienced and a reliable accountant to help you with VAT returns, then get in touch with us today. We have helped hundreds of clients with VAT returns. We can help you too. Give us a chance to serve you. We can provide you with invaluable advice and services that may pay you in the long run.