VAT
VAT Return, VAT Advice, UK VAT accountants, consultants and advisors
VAT Return
VAT Services
- VAT registration
- Preparation of your VAT Return and online filings with HMRC
- Advice on the most appropriate scheme; flat rate , cash accounting or annual VAT returns
- Advice on VAT planning and administration
- VAT control and reconciliation
- Liaising with HMRC on your behalf
- Dealing with VAT enquiries or investigations
- Dealing with VAT compliance issues
VAT Registration
VAT Accounting
There are three ways in which VAT can be accounted for: Cash Accounting, Flat Rate Scheme and Annual Accounting Scheme. See more details on the. Under cash accounting, businesses, with an expected taxable turnover in the next 12 months of not more than £1,350,000, account for VAT tax only on a ‘payment and receipt’ basis. VAT is accounted for only on invoices paid and received. This is suitable where it takes longer to collect invoices and where bad debt levels are relatively higher. Annual Accounting Scheme is open to businesses with an expected taxable turnover not exceeding £1,350,000 in the next 12 months. Agreed payments based on previous year turnover are regularly made and a single annual return is filed at the year end.
As the choice of a particular accounting scheme depends on a variety of factors it is best to seek professional advice before deciding which one suits a particular business situation.
