VAT is constantly changing and can be a potential minefield for the unwary, making it imperative to take expert advice, now even more so with the introduction of HMRC’s Making Tax Digital for VAT. We offer a full consultancy and planning service to steer you through the regulations and set up the best recording systems.
The current VAT threshold is £85,000 turnover within any 12 month period but it can sometimes be advantageous to voluntarily register below the threshold and we can advise on the right way to do this for your business, and when to de-register. We will help in dealing with routine VAT inspections and give assistance when needed should you be identified for further investigation by HM Revenue & Customs.
We can take care of monthly, quarterly and annual reporting requirements, and have this tied in with our accounting software to comply with the statutory reporting requirements.
The key aspects of this service are:
• Registration of appropriate VAT regimes and understanding flat rate schemes
• Establishing which products and services are liable to VAT
• Timely reporting for the VAT authorities
• Reconciliation of VAT matters in the accounts