How the VAT is managed?
VAT (Value Added Tax) is charged on most goods and services in UK by VAT registered businesses. VAT is chargeable on top of the price of goods and services as a mark-up. As we explain in our book-keeping services that business transactions needs recording, VAT adds another layer of complexity as there are penalties for non-compliance. Interface Accountancy aims to make things as straightforward as possible for our clients and help you with all aspects of VAT management, including VAT registration and filing complex returns. Interface Accountancy pride in having exceptional experience, knowledge and in depth understanding of UK accounting and taxation laws.
Many traders have been caused severe problems by the impact of VAT and the risks that come with it. Our qualified CPA & ACCA teams works alongside you, acting as your guide to make sure you don’t become trapped by VAT complications.
VAT registered means you can reclaim VAT on purchases, however this is only one side of the story. What it also means that VAT registered business would be required to fill in a standard VAT return quarterly. Even if you have a zero VAT return it will require filling and many business have faced complications due to negligence.
Interface accountants are praised by our clients for delivering a peace of mind service to our VAT registered business.
There are different rates of VAT. The standard rate is 20% and most items fall in this category. For some items a reduced rate of 5% applies (for example, domestic fuel and power), and some are zero-rated (like food or children’s clothes). In addition, certain items are exempt from VAT or fall outside the system entirely for example purchases outside the EU zone.
Once company turnover reaches a certain point, it is a legal requirement to be VAT registered. Companies that are registered not only charge VAT on their own goods or services, but are also able to reclaim VAT paid on their purchases.
Registered companies have to submit a regular VAT return showing the amount of charged (output tax) and the amount that they have paid (input tax). Depending on which is greater, you might pay the difference to HM Revenue & Customs, or might claim the difference back.
Interface Accounting can help you register your business for Value Added Tax (VAT) and take you on a journey from filling , complete VAT returns, VAT, and book-keeping your transactions and planning your business in tax-effective ways.
For VAT registration we can assist with:
In addition we can assist with:
- Completion of VAT Returns or training on how to complete them.
- VAT planning.
- Dealing with any contentious disputes that arise with Customs.
- Attendance at VAT inspections.
Ever changing regulations and the growing demands of HM Revenue & Customs mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective service, which includes:
- Assistance with VAT registration.
- Advice on VAT planning and administration.
- Use of the most appropriate scheme.
- VAT control and reconciliation.
- Help with completing VAT returns.
- Help with completing VAT returns.
- Planning to minimise future problems with HM Revenue and Customs.
We will do as much or as little as required, from preparing year-end financial accounts and tax returns to handling every aspect of our clients' financial affairs including bookkeeping services, VAT and payroll.
If any of these services interest you or you would like to discuss your requirements please feel free to contact our friendly accountants. We provide an individualistic service to our clients and will be more than happy to customize our services to your business needs.