If your turnover is more than £82,000 (2015/16) then you are required to register for VAT. You will then have to submit a VAT return to HMRC, usually every quarter.
However even if you are not required to register it can sometimes be advantageous to register voluntarily. For example if your customers are VAT registered it’s irrelevant to them if you charge VAT (as they claim it back) but it then allows you to claim back the VAT on your expenses.
Deciding whether to register can be confusing but don’t worry we can talk you through it and make sure you receive the best advice based on your individual circumstances.
If you use a bookkeeping software package you more than likely have the ability to submit your VAT returns electronically yourself.
VAT can be complex so many clients choose to outsource to us especially if you want to take advantage of VAT schemes or things like Fuel Scale Charges (call us for more info!)
When we complete your VAT returns we don’t just take the figures from your bookkeeping software and submit them to HMRC. We start by reviewing your bookkeeping because inaccuracies mean the VAT return could be incorrect.
We pay attention to your business expenses ensuring you pay the correct amount and we review your circumstances to see if we can make any recommendations.
These recommendations range from advising you to de-register or perhaps suggesting that cash accounting could be appropriate.
This thorough process vastly reduces the risk of errors keeping the VAT man happy and giving you peace of mind.
Another benefit of asking us to do your VAT returns is that we’ll act on your behalf should the HMRC decide to investigate your returns.
HMRC can launch an investigation through random selection or because the figures don’t look right. They are conducting investigations more frequently but hopefully we can half the chance of you being inspected just by being sure they are correct.
Our basic price is £15 per month however we may charge a bit more if you have lots of transactions or are particularly complex. All fees are agreed in advance before any work takes place.