Our qualified and experienced team handles your VAT reporting and returns throughout the year, preparing and submitting them on your behalf.
With the ideal combination of accounting software, tax experts, and a dedicated client manager, we provide everything you need to stay compliant with HMRC’s Making Tax Digital requirements.
Value Added Tax (VAT) is a consumption tax applied to the purchase of goods and services. When you buy items or pay for services, VAT is included in the price you pay. For businesses, VAT involves registering with the government to charge VAT on sales, collecting it from customers, and then paying it to HM Revenue and Customs (HMRC).
In the UK, businesses must register for VAT if their annual taxable turnover exceeds £85,000, known as the VAT registration threshold. Once registered, businesses are required to charge VAT on the goods and services they sell and submit quarterly VAT returns to HMRC, detailing the VAT they have collected and paid.
The standard VAT rate in the UK is 20%, which applies to most goods and services. However, there are reduced rates for certain products and services:
Making Tax Digital (MTD) is now a requirement for VAT-registered businesses in the UK, mandating digital record-keeping and VAT return submissions through approved software. To ensure compliance and streamline the process, we offer MTD services using trusted software like Xero, QuickBooks, and FreeAgent. Our comprehensive support includes handling digital VAT return filing, providing expert VAT advice, and assisting with the setup and integration of MTD-compatible software. With our help, your business can easily navigate MTD requirements, stay compliant, and simplify VAT management. Contact us to get started.
With our VAT registration service, a dedicated accounting manager will handle all your VAT needs. They will assess your company's tax situation for maximum efficiency, advise on switching schemes if beneficial, and manage the entire VAT registration process. You'll also receive timely updates on any new VAT laws and regulations.
While VAT registration is not required immediately, registering early can be a smart move for growing businesses nearing the threshold. Get ahead and focus on expanding your company with peace of mind, knowing your VAT obligations are covered.
We'll let you know when your VAT returns are due and ask for your bookkeeping records.
After your returns are completed, they'll be double checked to ensure they're accurate.
Once we've received your approval, we'll submit your VAT return to HMRC. Job done!
Contact our team to find out more about Specialists services for VAT and how can our Accountants help your accounting and tax needs.