Approved Accounting – VAT Specialists
Here at Approved Accounting we have years of experience in dealing with VAT. From registration to VAT returns, and more complex matters such as VAT on property and inspections, our expert advice can help you avoid costly mistakes, achieve smart savings and ensure that you stay on top of your taxes.
Value Added Tax is one of the most complex taxes to understand and requires careful consideration and planning to ensure that your business follows the correct legislation.
At Approved Accounting we will work closely with you to guide you through the VAT process. We promise to simplify the jargon to allow you to make well-informed decisions that will benefit your business.
A beginner’s guide to VAT
VAT is a tax added to goods and services sold, and is paid at a rate of 20% by the consumer of goods or services rendered. This tax is collected by the business on behalf of HMRC, and subsequently passed on to HMRC later.
To make life more complicated however, certain items are exempt from VAT, zero-rated, or charged at a reduced rate. In order to ensure that your business is following VAT rules correctly, you should always seek professional advice. At Approved Accounting our team is always on hand to offer advice and support to ensure you are fulfilling your obligations in relation to VAT.
Compulsory or voluntary VAT – you decide?
If registering for VAT just sounds like another load of paperwork for you to complete, then you may want to think again!
When you choose Approved Accounting, we’ll do the hard work for you. We’ll provide you with regular updates on your business’ finances, file VAT returns every month or quarter, and ensure that you follow legal obligations – what could be easier?
Compulsory VAT registration
If you hit the VAT threshold of £85,000, or expect to reach it within a 30 day period, then you must register for VAT. Approved Accounting can assist on your behalf by monitoring your turnover, registering your business for VAT and putting a system in place to efficiently account for VAT going forward.
Voluntary VAT registration
If, however, your business falls under the VAT threshold, it may still be beneficial to register for VAT voluntarily. At Approved Accounting we can evaluate your financial circumstances and advise you on the best business solution for the future.
There are some specific benefits to being VAT registered such as: –
- Reclaiming VAT that you have been charged when buying goods and services for your company.
- Making your business appear more credible and professional to prospective customers.
- Expanding your business opportunities, as some companies will only deal with VAT registered businesses.
Your business is our business
If you are self-employed, a small business owner, entrepreneur or individual seeking VAT advice, our team of experts can give you full assistance to ensure that you stay on top of the ever-changing laws and regulations.
We can assist you with the initial registration process and introduce you to an online record keeping system to ensure that the maximum amount of VAT is recovered and simplify the completion of your VAT returns. And should a dispute arise, we can also advise and represent you.
Making Tax Digital for VAT – are you prepared?
Did you know that as of 1st April 2019, VAT registered businesses will be required to comply with Making Tax Digital (MTD)?
At Approved Accounting we offer a wide range of services and support to help you become MTD compliant. We can talk you through your options and set you up to use cloud-based software which will make compliance with MTD simple.
Every year VAT regulations become more even more complicated, and with the potential impact of Brexit on VAT on the horizon, it is more important than ever to seek guidance from experts.
At Approved Accounting we will always make sure that you are well-informed and up to date with your obligations. So, take the first step towards financial confidence by contacting Approved Accounting in Hampshire today!