VAT

Even the most ‘on it’ business can get thrown into a heap of trouble by VAT. HMRC requires VAT-registered businesses to file regular returns, which, if not submitted, can result in investigations and financial penalties. But do it right, and you could reduce your overall tax bill.

With the right strategic advice, our team will turn that last sentence from words on a screen into a reality. We’ll provide strategic VAT advice that combines practical support with administration and ensure your returns are adequately taken care of – all according to Making Tax Digital rules.

There are countless different goods and services you could sell, all of which have varying rates of VAT. Understanding the ones that apply to your business, as well as the VAT schemes and special rules (such as the VAT reverse charge) is vital. But if anything leaves you puzzled, we’ll be on hand to answer any questions you may have.

While you have to register for VAT once you go over the VAT-threshold of £85,000, your business might benefit from voluntary registering. For instance, many business owners appreciate the extra cashflow they get from customers paying VAT before it has to be passed onto HMRC. Talk to us to get an opinion on whether it’s a good idea for your business. We’ll help you get registered for VAT, too, of course.