VK Accountancy | Chartered Accountants London

VAT Returns

We have extensive experience in assisting with the personal tax affairs of a diverse range of clients, including, but not limited to: medical professionals; landlords; CIS contractors; investors; and sole traders and partnerships.

VAT Returns

We have extensive experience in assisting with the personal tax affairs of a diverse range of clients, including, but not limited to: medical professionals; landlords; CIS contractors; investors; and sole traders and partnerships.

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:

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.

Why register for
VAT voluntarily?

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 is a fixed percentage is applied to the gross value

Cash Scheme

Where the VAT paid is based on when cash is paid and received

Standard Scheme

Where VAT is charged/reclaimed based on when the goods/services are sold to clients

Reverse Charge Scheme

Applicable the sale of EU goods and services

Flat Rate Scheme

Where the VAT paid is a fixed percentage is applied to the gross value

Cash Scheme

Where the VAT paid is based on when cash is paid and received

Standard Scheme

Where VAT is reclaimed based on when the goods or service is sold to clients

Reverse Charge Scheme

Applicable the sale of EU goods and services

All-inclusive VAT Returns

That includes:

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.

Ready to

get started?