While being VAT-registered is only mandatory if you or your company earn over £85,000 a year, many businesses decide to register under the threshold to take advantage of savings and windfalls. With VAT, the requirement for returns increases with quarterly obligations and a much more in-depth set of forms. It is important to make the distinction between income and VAT, and to know what in your income and expenditure is “VAT-able”. For this reason, most VAT-registered entities make use of accountants and bookkeepers to ensure that they don’t miss anything.
A knowledge of VAT-able products can lead to massive savings, as you can claim back VAT that you’ve paid to your suppliers. This can be done individually, or you can opt for the VAT Flat Rate Scheme, which is more uniform in terms of amounts to pay, but doesn’t involve claiming back VAT on purchases. The simplest way to handle VAT and ensure complete compliance is to designate an agent to handle this area of your business on your behalf. At MVP Bookkeeping, we keep up-to-date with every new technicality within the VAT system and handle all aspects of what is becoming an increasingly digital, technical area of business management.
Get in touch and we can offer a full, free consultation. With our years of experience, we can help you get organized and, as a result, make better choices for the future of your business.
From April 2019, all VAT returns must be submitted using Making Tax Digital compliant software, and this has added another level of difficulty and cost to the process. As Quickbooks Pro advisors we are experts in managing all aspects of modern VAT requirements and are highly-trained on MTD software. Rather than taking on the stress of learning all the new regulations and worrying about the implications of missing some of the finer print, outsource your VAT returns to MVP Bookkeeping and we will take care of it for you.
For more info please contact us