VAT planning
You can’t include VAT on any sales invoices unless your business is registered. Once turnover has reached the VAT threshold you will need to register and obtain a valid VAT number that will need to appear on all future sales invoices.
There are substantial penalties if you don’t register for VAT on time. There are also numerous VAT schemes you could benefit from, some require you to notify HMRC and others don’t.
You will need to complete and submit regular, normally quarterly VAT returns on a timely basis. You will need to calculate the amount of VAT that needs to be paid.
VAT payable is the sales tax amount charged to your customers less the tax you have paid on materials and other expenses that are eligible for VAT reclaim. Experience and knowledge of exactly what expenses are eligible for VAT reclaim is vital, otherwise you could be paying too much.
Our service
As part of our VAT service we can:
- Register your business for VAT and advice which VAT schemes may be suitable for you.
- Complete quarterly VAT returns correctly and submit these on a timely basis, together with any reclaim for allowable expenses. We can complete VAT returns using either our bookkeeping records or from your books.
- Undertake VAT planning – we’ll look into the best reliefs available and the interpretation of the regulations to give you the peace of mind that your returns are fully compliant.
- Attend VAT inspections or tribunals and deal with any disputes or disagreements.
