penguin6x4A common question among small business owners is whether they should register for VAT. You must register with HM Revenue and Customs if your business’ taxable turnover in the previous 12 months exceeds £81,000. However, if your turnover is below this level, it may be financially beneficial for you to register voluntarily.

However you register, you will need to give some consideration to the various schemes available. For example, the Cash Accounting Scheme can help to ease cash flow issues associated with the Standard Scheme, and the Flat Rate Scheme can save a lot of money for businesses in certain industries. It’s one thing knowing your input tax from your output tax, but many business owners fail to take advantage of the reliefs available, and that’s where we can help.

Our VAT service includes the following:

  • Assisting with VAT registration
  • Advising of the appropriate scheme
  • Preparation and submission of VAT returns
  • VAT control and reconciliation
  • Support and assistance with HMRC enquiries

We will ensure that you pay the correct amount of VAT and that your returns are prepared in accordance with current legislation to avoid any unnecessary fines or penalties. If you maintain your accounting records yourself, we are happy to prepare your VAT returns, or to review and confirm your figures.  If you’ve asked us to take care of your bookkeeping, we’ll include the preparation of your VAT returns as part our service, for no additional fee.

In an area where you cannot afford to make mistakes, we are here to help.

If you’re looking for an accountant who does things differently, call us to arrange a free consultation. We’d love to work with you!