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.
We 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?’ we 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, we can help.
As your HMRC authorised agent for VAT we 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 are 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.
We’ve undertaken extended amounts of CPD training in relation to Making Tax Digital. As a result we have all the necessary knowledge and information to help you. We’ve also done extensive research into HMRC listed software so you don’t have to.
How Do I Sign Up to MTD for VAT?
Even if you are able to register for VAT you still may ask ‘how do [...]
Apr
Do I Need to Sign Up to Making Tax Digital?
Because it’s gone a bit quiet now ‘Do I Need to Sign Up to Making [...]
Apr
Making Tax Digital for VAT reminder
Just a Making Tax Digital for VAT reminder that from Tuesday the 1st of November [...]
Sep
Making Tax Digital for VAT is mandatory
Making Tax Digital for VAT is mandatory for ALL VAT-registered businesses and has been since [...]
Jun
Delay to MTD for Income Tax
The Government has announced a delay to MTD for Income Tax Self Assessment (ITSA). And [...]
Sep
Extension of Making Tax Digital for VAT
The UK Government have recently set out their 10-year plan to modernise tax and the [...]
Sep
Making Tax Digital extension
On the 21st of July the Government published the first draft of the 10-year plan [...]
Sep
Making Tax Digital for Income Tax
The Making Tax Digital for Income Tax pilot is now available on a voluntary basis. [...]
Mar
