Whether you’re a VAT registered business or thinking of becoming one, Exclusive Accountants are considered to be the specialist and can help you meet all your VAT obligations.
As per HM Revenue & Customs you must register for VAT if your business’ taxable turnover (products or services) exceeds £82,000 for the last 12 months, unless everything you sell is exempt. We can help you take this important decision for your business.
We shall look at the VAT schemes you are eligible for and establish whether you would be better off adopting one or a mixture of schemes. As for some businesses it’s financially beneficial for them to be on a standard scheme in the initial periods of their business and later on change to Flat rate scheme. This may lead to earn extra money just by switching VAT scheme and a reduction in administrative responsibilities.
We take great care of our clients business to ensure that they remain compliant therefore we shall continue to monitor your situation, so in case when you hit the VAT threshold, we can deal with all the administration for you. However, we shall also monitor when it is in your best interest to be deregistered.
Our VAT specialist will prepare your monthly or quarterly VAT returns from your bookkeeping records ensuring that you claim as much VAT as possible and ensure all compliance are met on time. So allowing your Exclusive Accountant to take care of your VAT affairs, not only gives you peace of mind, but it will also avoid you wasting your hard-earned income on penalties and surcharges imposed by HMRC for late or incorrect submissions.