If your VAT taxable turnover is more than the £82,000 registration threshold over the last 12 months, you have to register for VAT. Furthermore, you have to register for VAT if you expect your VAT taxable turnover to go above the threshold in the next 30 days alone. You are also required to register for VAT if you take over a VAT registered business as a going concern. You can also voluntarily register for VAT with any level of turnover.
Once your business is VAT registered you are required to submit VAT returns to HMRC. Your VAT return is usually submitted on a quarterly basis with any VAT liability due to be paid at the end of each quarter.
We offer advice to any businesses that are planning to register for VAT and we will complete the whole registration process. We will explain what income and expenditure is included in your VAT returns and the supporting records that you must keep. We will also discuss the VAT schemes available to your business such as the cash accounting scheme and flat rate scheme.
Our VAT services include:
- VAT registration
- Preparation and submission of VAT returns
- Advice on the most suitable VAT scheme for your business
- Import and export VAT
- Partial Exemption advice
- VAT compliance checks
- Assistance with VAT investigations
- All correspondence with HMRC on behalf of your business
In addition to VAT compliance, our dedicated team of VAT specialists are also on hand to assist you and your business with VAT planning.
It is essential that transactions are considered from a VAT standpoint before they occur to ensure that any VAT exposure is minimised.
All too often taxpayers will seek out the ‘VAT answer’ after the transaction has occurred, at which point it is often too late to fix any VAT problems that may have arisen.
Pre transaction consideration to VAT is especially important in property and land transactions and also with regards to business sales.
There are several strategies we can employ to mitigate your VAT burden.