Value Added Taxation (VAT)
VAT is one of the most time-consuming areas of running a business – and can be one of the most costly if you get it wrong.
At Parker Hartley & Co, we advise and assist you on VAT registration and can help you manage the VAT once you’re registered, we also deal with all the planning and integration of HMRC’s making tax digital (MTD) in order to remove the worry for you.
Don’t wait until your next (or first) VAT return is due before getting professional assistance. It could be an expensive error.
In addition we can help with:
– VAT tax planning.
– Dealing with any disputes that arise with the VAT office and being in attendance at VAT visits and inspections if required.
– Putting the necessary systems and procedures in place in order to ensure that you and your business is ready to comply with Making Tax Digital which comes into force for quarters commencing on or after 1st April 2019.
– Deciding if you should voluntarily become VAT registered.
We can also advise on the most suitable VAT scheme for your business. Choices include:
– Cash Accounting – If your turnover is within the limits for the scheme you will only need to pay VAT when you are paid by your customers. This provides a significant cash flow advantage for businesses if you have money owing to you.
– Flat Rate Scheme – Businesses eligible to join this scheme can simplify their VAT accounting by applying a flat rate percentage to their sales and paying this amount to HMRC. We can show you how to calculate if you are likely to save any money by this.
– Annual Accounting – With this scheme you agree an annual liability, based on the previous year’s figures, and pay this over on an instalment basis. At the end of each year a final return is submitted and any balance due is paid or overpayment refunded.
– Special Schemes for Retailers – Ordinarily, registered traders are required to keep detailed sales invoices for every transaction. For retailers this could prove burdensome. To avoid this, retailers can use one of the special schemes set up that don’t require this. We can help you decide which one is best for your business
How we can help:
Whether you use any of the special schemes outlined above, or become registered for VAT depends on your individual business circumstances.
If you are already VAT registered and need your VAT returns preparing and submitting then we can also do these for you.
If you are unsure what to do, let our team of experienced staff advice you on how to proceed. Please call us now on 01904 612 455 or contact us.
Please click here to see the latest VAT thresholds and rates.