VAT
A natural follow on from keeping the general ledgers is to produce and manage the VAT return
Additionally, we can advise on VAT schemes available to your business.
We will make sure you do not miss deadlines that will incur HMRC penalties.
We can correspond directly with the HMRC on all VAT matters on your behalf.
You must register for VAT when your turnover for the previous 12 months has gone over a specific limit – called the ‘VAT threshold’. This is currently, fixed at £73,000, for the period of 2011/2012. You must register for VAT if your revenue has reached this threshold or if you believe your turnover will soon go over this limit.
Once you have registered, VAT must usually be charged on all sales. We can take care of all your VAT requirements including registration and submissions to the HMRC. This could be done as a follow on from doing your bookkeeping or on its own.
We make sure that you don’t miss deadlines and can correspond with HMRC on all VAT matters on your behalf.
A business must register for VAT if in the previous twelve months the turnover has gone over the VAT threshold or is very likely to go over this limit in the next thirty days. If you think the turnover is only going over this limit temporarily then you can apply for a registration “exception” by writing to HMRC.
Many businesses voluntarily register for VAT. Once you have registered VAT must be charged on all taxable supplies.
