VAT Accountant

Hey, I am Tom I offer VAT accountant services in Lichfield and across the UK.

Nothing in business comes around quicker than a quarterly VAT return.

When submitting returns yourself it can be hard to keep up with all the deadlines and to be confident the VAT returns are being prepared correctly.

VAT return preparation is a common service I help my clients with. I can monitor the deadlines, prepare your return and all you have to do is approve the return for it to be submitted. It’s a service that can give you a lot of relief!

Businesses need to register for VAT with HMRC once the £90,000 threshold is breached over a 12-month rolling period.

Here’s a quick video with all the information:

Note: VAT threshold increased from £85,000 to £90,000 on 1st April 2024.

When you register with HMRC for VAT, you have a couple of different options on which VAT scheme you would like to be on:

VAT standard scheme

This is the most common VAT scheme businesses are on. VAT returns are typically submitted quarterly and the VAT on your sales and purchases is on an accrual basis, meaning it’s added to the VAT return based on the date of the invoice.

VAT cash accounting scheme

The cash accounting scheme is based on when your customer pays you and you pay your suppliers rather than the date of invoice.

VAT flat rate scheme

For businesses with an annual turnover of less than £150,000 can be on the flat rate scheme. This is when you work out what VAT to pay HMRC based on a percentage of your gross turnover.  The amount of VAT you pay depends on your type of business and industry.

VAT annual accounting scheme

The annual accounting scheme is all in the name, rather than submitting your VAT returns quarterly, you complete one VAT return a year.

Here’s the HMRC link with more information.

If you’re a retail business or you sell second hand goods, there are also the retail schemes and margin schemes available.

✔ Accurate & correct – VAT is a complex area and when submitting the returns yourself, chances are you’re making some mistakes. It will give you peace of mind that you’re submitting the correct figures.

✔ Compliant to HMRC – We all want to keep HMRC happy, we want the returns to be on time and correct to escape any penalties. If you ever did get a VAT investigation, all the information will be stored on Xero to have a smooth and quick investigation.

✔ Maximise VAT – All returns will be reviewed to ensure the maximum amount of VAT is claimed. If you have purchased something with VAT we want to claim it back!

✔ Take away your stress – No worrying about whether you can claim VAT on that coffee you purchased, all you have to do is add your documents to Dext, I will carry out the rest!

If VAT returns are making your head spin and you would like a VAT accountant to handle the preparation and submission, book a 15 minute discovery call to find out more.

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