VAT
Value added tax is not an easy subject to talk around. Our aim is to make as simple as possible for you to handle and understand. It is seen as one of the most complex tax areas to be imposed on businesses. The VAT “goalposts” are constantly being moved as well as the ever changing stream of regulatory details. HMRC is constantly demanding more and more from businesses which adds more stress on top of what you already have to manage. It is our expertise and expertly trained eyes that help you make sure you do not miss anything and do not fall foul of the regulations. We make sure your do not pay the chancellor any more than you need to.
Our efficient and cost-effective VAT service includes:
- Assistance with VAT registration
- Advice on VAT planning and administration
- VAT control and reconciliation
- Help with completing VAT returns
- Processes put in place to avoid future issues with HMRC
- Representing you at VAT tribunals.
VAT advice and returns for UK businesses
VAT is one of the most complex taxes a business deals with, and mistakes can lead to penalties, interest and cash flow problems. SJPR Accountants handles registration, returns and planning so VAT works in your favour rather than against you.
When do you need to register for VAT?
You must register for VAT when your VAT-taxable turnover exceeds the registration threshold of £90,000 in any rolling 12-month period, or if you expect to exceed it in the next 30 days alone. Some businesses choose to register voluntarily to reclaim VAT on costs or to appear more established to trade customers.
Our VAT services
- VAT registration and deregistration
- Quarterly or monthly VAT returns filed through Making Tax Digital compatible software
- Choosing the right scheme: Standard, Flat Rate, Cash Accounting or Annual Accounting
- VAT on imports, exports, EU trade and services supplied abroad
- Partial exemption and property VAT, including the option to tax
- Handling HMRC VAT enquiries, inspections and penalty appeals
Making Tax Digital for VAT
All VAT-registered businesses must keep digital records and submit returns using MTD-compatible software. We set up and maintain compliant records in Xero, QuickBooks or Futura and file every return on your behalf.
VAT planning that protects your cash flow
The right VAT scheme and correct treatment of your supplies can make a real difference to your margins and cash position. Our team reviews how you trade and makes sure you are not paying more VAT than you should, or reclaiming VAT you are not entitled to.
Frequently asked questions
What is the current VAT registration threshold?
The UK VAT registration threshold is £90,000 of taxable turnover in a rolling 12-month period. The deregistration threshold is £88,000.
What are the UK VAT rates?
The standard rate is 20%, the reduced rate is 5% and some goods and services are zero-rated. Certain supplies are exempt from VAT altogether.
Can I register for VAT voluntarily?
Yes. Voluntary registration can let you reclaim VAT on purchases and may suit businesses selling mainly to VAT-registered customers. SJPR can assess whether it benefits you.
What happens if I file a VAT return late?
HMRC uses a points-based system for late submissions, with a financial penalty once you reach the threshold, plus separate penalties and interest for late payment.
Speak to SJPR Accountants. Call 020 3371 0292 or contact our London team to book a consultation.