Value Added Tax or VAT is a tax on goods and services that you supply or are supplied to you. Registration is compulsory for businesses with turnover above £68,000 unless they operate in an exempt industry
There are also some circumstances where registration would be a benefit even if your income is below the registration threshold. For instance where you have a high level of input tax and most or all of your customers are themselves VAT registered or alternatively where you deal in zero rated goods or services.
In addition to the normal system for accounting for VAT there are a number of alternative schemes (dependent on the size and nature of your business) which may be more beneficial to you. These include:
- cash accounting
- annual accounting
- the flat rate scheme
- and a myriad of schemes for retailers selling zero rated, standard rated and exempt products.
We are able to assist by:
- advising whether or not to register for VAT
- advising on which scheme we believe to be appropriate
- advising and assisting with the completion of the returns
Furthermore if required we are more than happy to undertake to complete the registration process as well as complete all returns on your behalf.