Chartered Accountants London – Vicente Kewley Accountancy

WHAT IS VAT?

Value Added Tax (VAT) is a sales tax that must be added to the value of invoices that you issue to clients when:

  • Your business has received £85,000 or more in turnover (revenue) within the past 12 months
  • Your business is expected to received £85,000 or more in turnover within the next 12 months
  • You make taxable suppliers to other EU countries
  • Your business voluntarily registers for VAT

The VAT rate that you must charge your client is either the standard rate (20%), reduced rate (5%) or zero rate (0%). If the supply of your good or service is outside the scope of VAT then it will be exempt from VAT.

We can prepare your quarterly VAT Returns in compliance with MTD (Making Tax Digital), with prices starting from £50 plus VAT per return.

WHY REGISTER FOR VAT VOLUNTARILY?

London VAT Returns

Your business can register for VAT voluntarily in order to reclaim VAT on expenses that are incurred. This results in an improvement to cash-flow and an increase in profits.

There are numerous VAT schemes including (but not limited to):

  • Flat-Rate Scheme - Where the VAT paid to HMRC is a fixed percentage is applied to the gross value (i.e. the value of your services plus 20%) of your sales. This reduces VAT admin and also may also have a positive cash-flow and profit impact for your business
  • Cash Scheme - Where the VAT paid to HMRC is based on when cash is paid and received rather than the date in which the goods or services were sold. This reduces the admin associated with VAT
  • Standard Scheme - Whereby VAT is charged/reclaimed based on when the goods or services are sold to clients
  • Reverse Charge scheme - Applicable the sale of EU goods and services

MAKING TAX DIGITAL (MTD)

From the 1st April 2019 it is compulsory for your business to register for MTD if your business turnover is £85,000 or greater, or it is expected to be within the next 12 months.

To summarise, your business will be required to submit VAT returns electronically and to maintain an electronic record of each sale made and expense incurred.

Making Tax Digitaal

WHAT WE CAN DO FOR YOU

VAT Returns

We can:

  • Walk you through the MTD changes that will affect your business. We will make the increased admin as painless as possible so that you can focus on running your business
  • Advise you on the best VAT scheme that is suitable for your business. We will take into account your cash-flow, admin time and profitability when making the most suitable recommendations
  • Advise what VAT rate is applicable for your business sales and expenses
  • Advise of VAT Group considerations
  • Complete your quarterly VAT return that will be in full compliance with MTD
  • Liaise with HMRC to challenge incorrect (and costly) VAT rates that are charged on your sales

Prices start from £50 plus VAT per return

GET A FREE QUOTE

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Self Assessment Tax ReturnPersonal Tax AdviceCorporation Tax ReturnCorporation Tax AdviceSole Trader Tax ReturnSole Trader Tax AdvicePartnership Tax ReturnPartnership Tax Advice
VAT ReturnOther Tax FormsFinancial Statement PreparationBookkeepingBusiness AdvicePackage of Services for Self-Employed ContractorPackage of Services for a Contractor who is a Director of a Company

If more than one service is required, a bulk discount will be applicable to the quote you receive

If more than one service is required, a bulk discount will be applicable to the quote you receive

Self Assessment Tax ReturnPersonal Tax AdviceCorporation Tax ReturnCorporation Tax AdviceSole Trader Tax ReturnSole Trader Tax AdvicePartnership Tax Return
Partnership Tax AdviceVAT ReturnOther Tax FormsFinancial Statement PreparationBookkeepingBusiness Advice
Package of Services for Self-Employed ContractorPackage of Services for a Contractor who is a Director of a Company

If more than one service is required, a bulk discount will be applicable to the quote you receive