Value Added Tax (VAT) can be a cause for concern for any business, but do not worry at BBKs & Co Accountants we are here to help every step of the way. The first requirement for any business is to establish the VAT rules relating to the type of business you run and the VAT scheme to register for if any, as VAT registration is not essential for business owners whose turnover is less than £85000 per annum.
If you are not currently registered for VAT, keeping track of your turnover on a regular basis is essential. The VAT threshold is calculated over a rolling 12-month period and missing the need to register can be a costly error. Using our services will ensure that you are notified in plenty of time and that registration is a seamless process for your business.
With the recent requirements of the “Making tax Digital” Act of 2019 VAT returns now need to be submitted digitally using special software which can be costly and time consuming for businesses. Using our VAT accountants reduces both costs and downtime allowing you to focus on growing your business.
VAT returns show HMRC the total of all your business sales and purchases and the VAT charged on them. This will allow them to calculate the total VAT you have charged and the amount you need to pay. It will also show the total VAT you have paid out on purchases and this will give you a figure that can be reclaimed through your business. On this basis some businesses whose turnover is less than the threshold may benefit from voluntary VAT registration if they have lots of expenses where chargeable VAT has been added.
As you can see Value Added Tax can become complicated very quickly and if you get things wrong it can be a costly mistake. BBKs & Co accountants can give you peace of mind that your business is following the correct regulations and requirements based around your turnover, the goods and services that you sell and where in the world you are selling to.
For more information on how we can help you and our services please click below or call our team today on 01330 825207
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