VAT

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VAT and Bookkeeping Support

Even if your turnover is below the current threshold, there can be benefits in registering for one of the government’s VAT schemes.

If you are not VAT registered but need to be or are uncertain of whether you should be VAT registered, we can provide advice and suggest which scheme would be most beneficial.

We can even look after the registration process for you. We can prepare your VAT returns as part of our bookkeeping service or from your own bookkeeping records. You will have peace of mind knowing that we will ensure that your VAT returns are accurate and submitted on time. We will make sure you pay what you owe when you owe it. No over-payments, no penalties.

Below is a brief overview of some of the most popular VAT schemes.

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Standard Rate Scheme

With the standard rate VAT scheme, VAT returns are usually made on a quarterly basis. The amount of VAT a business pays to HMRC is the difference between the VAT charged by the business to customers, known as output tax and the VAT the business pays on their own purchases known as input tax. If you are lucky to have paid more than you have charged, then you will be entitled to receive a refund.

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Flat Rate Scheme

Under the flat rate VAT scheme, the process is different as you won’t claim VAT you have paid on purchases. Instead, you will multiply your VAT flat rate percentage by your VAT inclusive turnover. This is what you will pay over to HM Revenue and Customs. Your flat rate percentage is determined by what type of business you are.

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Cash Accounting Scheme

With the standard rate scheme, you have to report these figures and pay any money to HMRC even if the invoices haven’t been paid. With the Cash Accounting Scheme, you will only pay VAT on your sales when your customers pay you and only reclaim VAT on your purchases when you have paid your supplier.

Do You Trade With EU Countries?

EC Sales List

If you’re a VAT-registered business in the UK that supplies goods or services to a VAT-registered business in the European Union, you need to inform HMRC about the supplies. This is done via the completion of an EC Sales List which shows details of each of your customers in the EU and the value (in sterling) of the supplies you’ve made to them in a VAT quarter.

The Business Bookkeeper can help you compile the EC Sales List and submit relevant information to HMRC on your behalf. We’d love to help.

When you earn over a certain amount of money per year, HMRC will request that you register for VAT status.  Simply put, this means that you will be subject to an advanced rate of tax based on your financial status. Unless you oversee a huge amount of growth right away, or have a large customer base ready and waiting to support you, you may not need to worry about VAT returns when you first get started with your business.  However, it makes sense to find VAT online services you can rely on.

The Business Bookkeeper supports more than just sole traders and partnerships.  We’re proud to be able to help larger firms and limited companies navigate their way through VAT tax standards set by HMRC.  VAT isn’t something you should ever have to be scared of. However, it is crucial that you make sure your facts, figures and finances are always ready for governmental inspection.

If you are earning more than the threshold to pay VAT on your income, it’s time you consulted a team who can help you get your tax filing tightened up and ready for HMRC approval.  It’s tempting to go it alone, but if you are already noticing rapid growth, it’s a good idea to focus on running your firm. Why not let leading local specialists take a look at UK VAT return for you?

Why is UK VAT Return Different from Other Services?

VAT return may seem drastically different from other types of bookkeeping.  That’s because the turnover for firms using these returns is always going to be much higher.  According to GOV UK, the threshold for paying VAT, based on your yearly income, is £85,000. If you know that you are likely to breach this figure by the year end, you must register with HMRC to pay VAT returns online.

The government, and HMRC, have rolled out a scheme where you need to make your tax known through their own digital platform.  This is part of an initiative called Making Tax Digital, which has been set up to simplify the tax reporting process. With the help of VAT online services, you will be able to tie up your figures and transfer them to HMRC with clarity and conciseness.  If there is anything that HMRC wants from your VAT returns, it is figures that are reliable, and books which are balanced.

When you are earning over £85,000 per year, it is likely you have already undergone some serious growth.  It’s likely that you will have a lot to handle in terms of the running of your business, and in terms of overseeing various personnel and assets.  Therefore, it makes sense for millions of businesses to seek support from the best HMRC VAT online services available to them. With The Business Bookkeeper, you will be able to completely manage and authorise your returns to an impeccable standard.

Working With HMRC

If you are registered with Companies House, or even if you are a sole trader with a business which has grown extensively in recent years, you may find that HMRC demands a VAT return from you.  Unlike traditional income tax returns and sole trader filing, you won’t be able to file these via the post. Instead, you will need to make use of the government’s online system to ensure your details are 100% present and correct.

HMRC does not look kindly on firms who file incorrectly, who file late, or who do not have adequate books to prove their incomings and outgoings.  If you are still working with physical paperwork, you may find it difficult to get your figures in order. That’s why it is so important to make sure you use VAT online services for your advanced figures.  Make sure to consult with The Business Bookkeeper to ensure your VAT concerns are fully managed.

The more money you take in, the more tax you’ll pay, and the more complicated your returns are likely to get.  Therefore, it makes sense to take some stress off your plate, and to let an online firm, completely outsourced, take care of the complex figures and number-crunching for you.

Our VAT Return Packages

As with our packages for businesses overseeing smaller turnovers, we offer three levels of support – Essential, Comprehensive and Premium – all of which supply tailored tax depending on what you need.  For example, or Essential tariff will make sure your returns and figures are neatly collected and ready for filing.

Choose a higher package, however, and you will have access to advanced reporting, analysis, projections and more.  Our Comprehensive packages are popular with VAT firms as they allow you to look over your books and records in fine detail.  There is never any room for doubt. The appeal of our Premium packages, meanwhile, lies in the fact that your VAT return filing will be completely managed.  You’ll have access to debtor management, payroll support, quarterly business meetings, detailed analyses and risk reports, and more besides.

It’s access to your own private team of business finance experts on a flexible, online basis.  It means you’ll be able to contact an expert in VAT online services at short notice, and without the need to book an appointment.  What’s more, with Comprehensive and Premium packages, you’ll get access to your own dashboard, meaning you will always be able to keep close tabs on what’s happening with your corporate finance.

Taking Your VAT Return Seriously

Our London VAT return filing services are available to your round the clock.  This means, regardless of what your business may do, and regardless of how much you may have earned by year end, you’ll be receiving full, tailored and attentive support.  Rather than go it alone, it makes sense to find the best VAT return filing services to have your financial back.

Looking to know more about VAT return costs?  Need help from an experienced firm who can crunch your crucial numbers for you?  Don’t look any further. Let The Business Bookkeeper help.