Approved Accounting – Trusted VAT Specialists
Value-added tax (VAT) is one of the most complex taxes to understand. It 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 paid at a rate of 20% by the consumer of goods or services rendered. The business collects this tax on behalf of HMRC and passes it on later.
To make life more complicated, however, certain items are exempt from VAT, zero-rated, or charged at a reduced rate. 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?
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 £95,000 (as of April 2024) 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 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, an entrepreneur, or an 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, help you implement an online record-keeping system in line with Making Tax Digital, ensure that the maximum amount of VAT is recovered, and simplify the completion of your VAT returns. Should a dispute arise, we can also advise and represent you.
