Value added tax is tax due to HMRC on sales of not only goods but also on services rendered, which are not exempt from VAT. Any business with an annual turnover in excess of £82,000 must register for VAT. VAT must be reported to, and where applicable paid to, HMRC quarterly.
Your VAT return will reflect goods and services sold and VAT charged at the current rate of 20%, along with all goods and services you have purchased where you have been charged the 20% VAT element.
It may transpire, in any given quarter that you have paid more in VAT than you have charged, in this instance you will be entitled to a refund. With this in mind, many companies will seek professional VAT help from a VAT consultant or accountant.
Becoming VAT registered
You can chose to register for VAT even if your turnover is less than £82,000 and it may be prudent to do so if you expect your turnover to exceed this figure even if it has not done so in previous years. You may have a significant purchase or investment where being able to reclaim the VAT is advantageous.
It is your responsibility, as a director, to notify HMRC and register for VAT in advance of exceeding the VAT threshold.
There are various rates of VAT that can be applied and some are specific to industry sectors, also certain items of food and clothing are subject to zero VAT. Using a VAT registration company can help take the hassle out of this process.
Our experts at ISA Accountants can assist you with VAT refund, offering you advice and tools to save your money.
Do you offer free consultations?
When you contact us for accountancy advice, we will supply you with a free, no-obligation quote based on your business needs and bespoke requirements. We aim to answer all enquiries within 24 hours, so please get in touch with Approved Accounting today if you would like to know more.
Who do you help?
We provide services to personal taxpayers, self-employed individuals, partnerships, company directors and property landlords. Our services are tailored to you and your needs. You will find more information about who we help here.
I am looking for a price, what are your fees?
In order to provide you with a quotation, we can arrange a free, no obligation, consultation with you to discuss your individual needs so that you only pay for the level of support that you require. This allows us to best understand your needs and provide a tailored quotation for you. From this meeting we will provide you with a fixed fee quote that we both agree to and you will then know exactly what you are paying for the services we provide. Our clients tend to prefer to pay monthly which is an option we can discuss in the meeting.
Do you offer work experience placements?
Yes, if you are looking to gain experience in bookkeeping, tax or accountancy, some of our local offices offer work experience placements from time to time. The arrangements vary across our locations. To be put in touch with your nearest office to find out more, please contact us online.