VAT SERVICES

VAT returns

£70 + VAT monthly OR £210 + VAT quarterly

If your taxable sales exceed the current threshold of £90,000 you may have to register for VAT.

***FOR BUSINESS OWNERS IN THE TRAVEL INDUSTRY, LIKE TOUR OPERATORS AND TRAVEL AGENTS, THE VAT THRESHOLD MAY BE CALCULATED DIFFERENTLY FOR YOU, PLEASE VISIT OUR TOMS PAGE***

Or, maybe your input tax is higher than your output tax and you want to claim the difference.

We can also help you choose the VAT scheme that is most suitable to your business.

If you don’t know where to start, then we can help. Why not let me take care of your bookkeeping too and streamline the whole process?

Do I need to register for VAT ?

The general rule of thumb is that you need to register if your taxable turnover is £90,000 or more in any 12 month rolling period. Or maybe your input tax is higher than your output tax and you want to claim the difference.

As of 2019, VAT submissions must be made through accounts software. If you don’t know where to start then we can help. You can apply for an exemption from registering for VAT if you believe that your taxable turnover will only briefly exceed the threshold i.e. you are expecting a large order next month that will take you over the threshold, but you fully believe that sales will drop in the following month.

To calculate your VAT taxable turnover, you need to add together the total value of UK sales that are not  VAT exempt, including:

Why Outsource your VAT Services ?

There are quite a few obvious reasons why any business would prefer to outsource, here are some:

MTD is an acronym for Making Tax Digital which you may come across quite often. This is not an entirely new approach to keeping accounting records though. Over the past few years, businesses have had to meet new requirements with respect to how their transactions are recorded and how their accounts are produced and submitted.

Admittedly, it can be confusing and hard to understand for business owners exactly what their obligations will be under the new rules. However, the purpose of this governmental initiative is to streamline the process of managing and submitting tax returns, because not only that incorrectly filed taxes cost the government several billion pounds per year, but they cause businesses disruption, stress and possible fines, too.

In brief, there are two essential elements to MTD:

  • Businesses and organisations (which include those with income from property) are required to maintain digital accounting records. Maintaining paper records ceases to meet the requirements of the tax legislation.
  • Businesses and organisations are required to use functional compatible software products to submit updates and returns to HMRC. The current HMRC online tax return services for the relevant taxes are withdrawn when a business signs up for MTD.

Additional add on services:

AS A SPECIALIST TRAVEL  ACCOUNTANT, I WOULD LOVE TO CHAT WITH YOU ABOUT HOW I CAN SUPPORT YOU AND YOUR BUSINESS.

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