If worries about the VAT man are giving you sleepless nights, or you simply don’t want the hassle, talk to us about our VAT services.
We help self employed individuals and small business owners in Eastbourne, Hastings, Seaford, Uckfield and across East Sussex.
With changing regulations, VAT compliance can be a difficult administrative process. Your VAT submission must be accurate or you may incur penalties and fines from HMRC for incorrect accounting.
With our VAT services, whether you are on the flat rate scheme or standard rate, we can process your invoices and receipts and produce a VAT return monthly or quarterly.
We can easily file this on your behalf too, using MTD (Making Tax Digital) compliant software, such as Xero, QuickBooks and FreeAgent.
VAT Services Explained
We always try our best to avoid using accounting language and explain everything clearly if you engage us for VAT services.
Here is some background information about VAT (Value Added Tax) and our VAT services.
- If you are not VAT registered, but need to be, or are not sure if you should be, we can look at the implications and advise you as to the best scheme to register for and, of course, help you with the registration process
- You must register for VAT if your VAT taxable turnover goes over £85,000 (the ‘threshold’), or you know that it will
- You can also register voluntarily if your business turnover is below £85,000. You must pay HMRC any VAT you owe from the date they register you
- The VAT return shows the calculation of the amount of VAT due on sales minus the amount of VAT reclaimable on purchases. The result is the amount payable to HMRC.
- If you run a VAT registered business with a taxable turnover above the VAT registration threshold (currently £85,000) you are required to keep digital VAT business records and send returns using Making Tax Digital (MTD)-compatible software
- You usually submit a VAT Return to HM Revenue and Customs (HMRC) every 3 months (quarterly), but it could be monthly or annually. This period of time is known as your ‘accounting period.’
- They must usually be completed and submitted within one month and 7 days of the end of the relevant period and payment made at the same time.
I would highly recommend Elizabeth if you’re looking for a Bookkeeper and VAT services. She has helped me get through the MTD (Making Tax Digital) nightmare and responds very quickly to my many questions.
Invicta Net – East Sussex, West Sussex and Kent
Current VAT rates
There are 3 different rates of VAT and you must make sure you charge the right amount.
- Standard Rate 20% – Most goods and services are standard rate
- Reduced Rate 5% – Domestic fuel or power, children’s car seats and mobility aids for older people are a few examples of items at the reduced rate
- Zero rated 0% – these goods/services are still VAT taxable, but the rate of VAT charged is 0%, Examples includes books, children’s clothes, as well as goods from non EU businesses
Find out more about us. If you’d like support with other bookkeeping and accounting support, besides VAT services, choose from the buttons below: