VAT is a complex area and requires accurate record keeping and prompt settlement of any liability on a quarterly basis.
Once registered, you are legally responsible for making a correct VAT return and for payment of VAT on time. We can provide advice on the benefits of voluntary registration and the financial thresholds for statutory registration.
It can be advantageous for you to register voluntarily when your purchases include VAT and most of your customers are VAT registered so they can claim back the VAT you will need to add to your sales.
There are various schemes for smaller businesses designed to minimise the administrative burden and help improve cashflow and budgeting, such as the ‘Flat Rate Scheme’ and ‘Cash Accounting Scheme’. Many small businesses also now trade across Europe and beyond with the associated requirement to file ‘EC Sales List’ (ECSL) returns with HMRC. We can help you register for ECSL and file the returns electronically for you.
Require more information?
If you would like more information or would like to speak to us direct then call us on 01372 467423. Or if you would prefer, ask us a question online.