Once a business has taxable turnover of £85,000 or more it must register for VAT with HMRC and complete VAT Returns which are usually due each quarter. The business will also have to charge VAT to its customers and pay VAT to HMRC.
All businesses must now complete and submit their VAT Returns to HMRC using Making Tax Digital compatible software. All VAT records must now also be kept digitally in line with the Making Tax Digital rules.
We use Xero, cloud accounting software, to ensure all of our clients are MTD compliant. Xero allows us to easily help you complete and file VAT Returns and keep your records digitally.
By using Xero you can also save time by using your phone to upload receipts directly into the software to help complete your VAT Return and ensure your records are always up to date and complete.
VAT is a complicated area of tax and it is vital that a business is both keeping up to date with its requirements and not paying too much VAT. We will work with you to ensure that we review your VAT Returns and help legally reduce your VAT liability. As VAT is always changing and evolving we will discuss any changes that impact your business so you don't have to stress about this.
We also help advise on when to register for VAT, how to resister with HMRC and which VAT Scheme is most suitable for your business.