VAT is a complex area and requires accurate record keeping and prompt settlement of any liability on a quarterly or monthly basis. Once registered, you are legally responsible for making a correct VAT return and for payment of VAT on time. We can provide advice on the benefits of voluntary registration and the financial thresholds for statutory registration.
It can be advantageous for you to register voluntarily when your purchases include VAT and most of your customers are VAT registered so they can claim back the VAT you will need to add to your sales.
There are various schemes for smaller businesses designed to minimise the administrative burden and help improve cash flow and budgeting, such as the 'Flat Rate Scheme' and 'Cash Accounting Scheme'. Many small businesses also now trade across Europe and beyond with the associated requirement to file 'EC Sales List' (ECSL) returns with HMRC. We can help you register for ECSL and file the returns electronically for you.
We can provide free computer software that will calculate your VAT information as required. Please contact us for more details.
We offer a free one hour initial consultation and fixed monthly charges so there are no surprises.
Are you interested in our VAT return service?