vat

VAT

VAT is a complex tax charged on the supply of goods and services. These are known as Taxable Supplies.  If you are or have to register for VAT you will have certain responsibilities such as reporting to HMRC in relation to the amount you have charged and paid.  This is done by submitting a return, usually every 3 months.

I can help you with this and Moore

Registration

If your business taxable turnover is above the current threshold in a 12 month period, you must register for VAT with HMRC.  Knowing whether you need to register is not straightforward, however.  Firstly, the 12 month period refers to a ‘rolling’ 12 month period not a full financial year.  Also, you must register if you expect your turnover to be above the threshold in the next 30 day period.  And there are other circumstances where registration is compulsory.

Voluntary Registration

You can also register voluntarily.  ‘Why would I do this?’ I hear you ask.  All that extra work and record keeping!  But it can be a good idea if your business spends a lot of money on goods and services where you are charged VAT.  Yes, registering for VAT will mean you have to charge VAT to your customers and pay it to HMRC, but it also allows you to reclaim any VAT you have paid to your suppliers.

Returns and payments

If you are or become VAT registered you must comply with HMRC.  This means keeping the prescribed records correctly, submitting returns on time and paying the correct amount due.  Whether you are completing and submitting quarterly returns, raising or paying invoices or recording related transactions, I can help.

As your HMRC authorised agent I can reduce the burden on your business by:

  • Liasing directly with HMRC on your behalf, and;
  • Submitting your returns and other documentation to HMRC on time

This will help you:

  • Ensure you comply with HMRC deadlines
  • Ensure you make payments when they are due

Making Tax Digital for VAT

As of April 2019 you will be required to use the Making Tax Digital service if your business taxable turnover is above £85,000 per year.  You will need to keep records digitally and also use software to submit your returns.  To find out more go to the Making Tax digital page.

I have undertaken extended amounts of CPD training in relation to Making Tax Digital.  As a result I have all the necessary knowledge and information to help you.  I’ve also done extensive research into HMRC listed software so you don’t have to.

Get in touch If you have any concerns about, or just need some help with VAT or Making Tax Digital