Value Added Tax (VAT) is a tax that applies to most business transactions involving the transfer of goods or services.
Once your business turnover reaches a certain level (see our Budget pages) you will have to register for VAT. To keep track of when you need to register then you need to apply a twelve month rolling sales figure. Get it wrong and you will incur penalties. Or you may decide to register voluntarily in order to recover the VAT on your expenses. For current thresholds view our budget page.
The rules regarding VAT are complex and getting it wrong could be expensive. If you require advise on what can or cannot be claimed then speak to us today.
Do you dread each quarter date knowing you have to spend time doing your VAT return and possibly making errors? If you do, then call us to discuss your requirements.
Using the correct VAT scheme:
- Flat rate scheme
- VAT cash accounting
can save you money. Check out our links page.
Be careful where you have exempt services (e.g. rent received) as you will be required to apply the partial exemption rules.
Take the strain out of VAT and contact us today.