Expert VAT Registration and Returns for Your Business
Value Added Tax (VAT) is payable for most goods and services. Businesses are required to register for and collect VAT if their taxable turnover exceeds the VAT registration threshold of £85K. If your company falls into this category, you must register with HMRC and charge VAT on your sales.
You need to ensure that you keep accurate records and submit regular returns to HMRC. It’s essential you do this to avoid any legal issues or penalties. If you’re confused about the process, unsure if you need to register for VAT or have any VAT-related queries, our VAT specialists can help you. We are an expert tax advisor in Milton Keynes that can guide you on your VAT issues.
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Protect your Business’s Finances with our VAT Support
VAT laws are complex and ever-changing. It’s hard to keep up and many businesses end up under or overpaying their VAT as a result. We can guide you through the intricate process and offer an efficient and cost-effective VAT service, so your VAT records are always up-to-date and accurate.
Simplifying the VAT Process for You
How does VAT work?
VAT is usually charged at 20% on goods and services but there are some exceptions. Your company must submit VAT returns to HMRC on a monthly, quarterly or annual basis. The VAT return will summarise the VAT collected on sales and the VAT incurred on spending during the period. The return will then show you how much money you owe the HMRC or if you are due a refund.
Making Tax Digital
Making tax digital (MTD) is now mandatory for VAT-registered businesses, so you have to keep records and submit your VAT file return digitally. We can help you to get set up with these online systems and we use approved software like Xero.
Why Choose MW Accounting Services for Your VAT Services?
Our team of VAT specialists are highly experienced and knowledgeable in the field of VAT. We stay up to date with tax regulations and laws so that you always receive accurate and reliable advice.
- Qualified and experienced team of tax experts.
- Fully accredited.
- Making Tax Digital compliant.
- Dedicated client manager.
- Capture your HMRC VAT transactions correctly.
- Use approved accounting software Xero .
- Peace of mind that your VAT return is accurate and in order.
- Ensure everything is ready for your submission in good time.
- Committed to professional development and staying up-to-date with tax regulations.
- Experienced in complex VAT structures.
- Provide ongoing support and VAT advice.
What VAT Services Do We Offer?
We appreciate that each business is unique, so we tailor our service to each of our clients. By using our VAT services, you will have peace of mind that your VAT affairs are dealt with professionally.
MW Accounting Services can:
- Handle all your VAT issues.
- Manage the VAT registration process for you.
- Register you for the appropriate VAT scheme.
- Prepare and submit your all-year-round VAT reporting and returns for you.
- Advise you of the amount of VAT you need to pay.
- Help you to handle your VAT return filing digitally.
- Ensure you are always compliant.
- Offer advice when you need us.
- Assess your company’s tax efficiency and advise you to switch if we feel there is a more beneficial VAT scheme suitable for your business.
- Inform you of new laws and regulations.
- Advise on EU/EC sales based on your account.
- De-register your VAT return if necessary.
- Flag up any potential risks.
- Stand by you and negotiate on your behalf should HMRC raise a dispute.
VAT schemes we specialise in:
Standard VAT accounting:
This is the most common VAT scheme where businesses charge VAT on their sales and reclaim VAT on their purchases. VAT returns are submitted quarterly.
Flat rate VAT scheme:
Designed specifically for small businesses, instead of claiming back the VAT on purchases, businesses pay a fixed percentage of their sales to HMRC as VAT. This tends to be lower than the standard rate.
Cash VAT accounting:
With this scheme, businesses account for VAT on a cash basis instead of an invoice basis. This means they only pay VAT on sales when the payment is received and they can only claim VAT on purchases when they’ve paid.
Businesses can make advanced VAT payments throughout the year based on estimates. This helps with a business’s cash flow.
This scheme is designed for those businesses that make a significant number of retail sales to the public. They will calculate their VAT liability based on the percentage of their retail sales rather than individual transactions.
Choosing the right VAT scheme will have a significant difference to your cash flow and VAT liability. Here at MW Accounting Services, we can provide you with professional advice to determine which scheme is best for your business. As expert tax advisors in Milton Keynes, we can provide you with professional advice and assistance.