VAT
Saving time and tax
Complying with the ever changing VAT regulations and growing demands from HMRC can add a significant administration burden on a VAT registered business.
Thankfully, there’s a whole host of VAT schemes out there that you could be eligible for, which could lead to significant time and tax savings. For example, switching to the annual accounting scheme would allow for one VAT return prepared every year as opposed to four on a quarterly basis. This could lead to huge time savings. You could then combine this scheme with another scheme, i.e. the flat rate scheme, to then potentially also reduce the actual subsequent tax, and improve profits.
VAT schemes continually change and so may your business. We will consistently monitor your business for its eligibility for the various options out there year on year, and not just at the time you initially join us.
Navigating through VAT regulations can be complex and is why your VAT return will never be undertaken by anyone less senior than the partner, which is not ordinarily offered anywhere else. You will not have new people undertaking your VAT return from quarter to quarter as they join and leave the firm.
We can provide the following:
- Advice on Vat Schemes such as partial exemption, reverse charge, retail & margin schemes, zero rating and more.
- VAT Advice relating to property and opting to tax
- Advice on VAT & Duty on imports and exports
- VAT registration and de-registration
- Attend VAT HMRC inspections and provide representation during tribunals
- Software/record keeping solutions for complex transactions and multi currency companies
- VAT health checks to make sure that you are doing it right and claiming back all you should.
There are three methods we can use to assist in completion of VAT returns...
- Let us do your bookkeeping and we complete the return from there
- Give us your books and we’ll complete the return for you
- Provide training on how to complete your return so that you can do this internally.
How much is it?
We can offer a fixed fee for undertaking and filing the VAT returns. Please contact us for a quote.
Frequently asked questions
If we do our own bookkeeping can you file our VAT returns to HMRC ? Yes. We can work with your records/software and review and/or submit the VAT returns on your behalf. We’ll be happy to work around your requirements.
My business makes complex transactions and has industry specific VAT regulations, will you be able to help? Yes. As the partner will be undertaking the VAT return this will not present a problem.
Can you advise on what software to use to submit our VAT returns? Yes. We can explain the options out there and help you arrive at the right one based on your specific preferences.