Value Added Tax

VAT overview


You must register for VAT with HM Revenue and Customs (HMRC) if your business’ VAT taxable turnover is more than £82,000 (during tax year 2015-16). You can register voluntarily if it’s below this, unless everything you sell is exempt.


Your VAT responsibilities


From the effective date of registration you must:
Charge the right amount of VAT
Pay any VAT due to HMRC
Submit VAT Returns
Keep VAT records and a VAT account
You can also reclaim the VAT you’ve paid on certain purchases made before you registered.


There are various different VAT schemes for small businesses
Flat Rate
Cash Accounting
Annual Accounting
Partial Exemption
We will use the correct VAT scheme that benefits your business the most.


Our operations


We will write a week before your VAT accounting period is ending as a reminder to keep your Accounting documents ready for collection on a particular date. For example, Your VAT period is Quarter ending 31 Jan 2016. We will write to you by 23 Jan 2016


We will phone to remind you to deliver or arrange collection
Once we receive all your documents we will phone you in case some important documents are missing
We will discuss your Sales, Purchases and VAT liability and finalise after your approval
We will VAT return online and send you written confirmation that return submitted
We will let you know your VAT liability or refund amount also method of paying.
We will give you a full vat report as to how your vat was calculated…ideal for both you and the vat inspector.