VAT Accountants for Contractors
VAT Service for Businesses & Limited Companies
All businesses with VAT taxable turnover more than £85,000 (2017-18) must register for VAT with the HMRC.
Even if your taxable turnover at the moment is below the threshold, you may still be required to register for VAT if;
- You expect to go over the threshold in a single 30 day period
- You take over a business that is already registered
Before registering for any VAT scheme, it is important to understand your business requirements and then choose the most appropriate VAT scheme for your business.
Your dedicated account manager will discuss with and assess which VAT scheme is best suited for your business. They will then get you registered for VAT and guide you all the way to raising your VAT invoices.
Below is brief summary of some of the VAT schemes available.
|VAT Scheme||How it Works|
Flat Rate VAT Scheme
The flat rate VAT scheme is designed to help small businesses reduce the amount of time they spend accounting for VAT. Using the flat rate scheme,
The percentage is less than the standard VAT rate because it takes into account the fact that you are not reclaiming VAT
Although the flat rate scheme can reduce your paperwork, one downside is that you cannot reclaim VAT on your purchases. If you buy a lot of goods and
Also, if you make a lot of zero- rated or exempt sales, you could end up paying
Standard VAT accounting
Standard VAT accounting allows you to reclaim VAT that you may have had to pay on you purchases. You will pay or reclaim the net of the VAT that you have charged
Standard VAT accounting method follows the accrual basis of accounting; this means that your VAT calculations will be based on your raised invoice rather than the
On the contrary, if you have not paid for goods purchased, you can claim the VAT on the invoice received resulting in positive impact on you cashflow.
Cash VAT Accounting
In contrast to standard VAT accounting, cash accounting allows you to calculate on actual VAT money paid or received than on invoice basis. Cash accounting
Full VAT assistance
Choosing the right VAT scheme can make a huge difference for your business. There are number of factors that need to be considered, such as products or services being supplied, the nature of business and the revenue that can all affect the right choice of VAT scheme.
How we can Help?
As specialist chartered Accountants for small businesses we can give you full VAT assistance to ensure that you chose the right VAT scheme for your business and you stay on top of all the ever changing VAT laws and regulations.
What you can expect from our services
- VAT Registration
- Advise on best scheme for your business
- Full support on any VAT scheme
- Submission of VAT returns
- Advice on EU/EC sales
- Help with HMRC VAT enquiries
- Choice of online accounting softwares for recording VAT Invoices
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