What is VAT Accounting Services
VAT (Value Added Tax) Accounting pertains to the recording, management, and reporting of VAT transactions that a business undertakes. In essence, it involves tracking the VAT collected from customers (output tax) and the VAT paid to suppliers (input tax). The difference between these amounts is what businesses either owe to or reclaim from the tax authorities. With varying VAT rates and complex regulations, VAT Accounting services ensure businesses accurately calculate and report their VAT obligations, while also identifying potential savings.
The Challenges & Solutions
Challenge: Keeping up with changing VAT rates and regulations.
Solution: Our team stays abreast of all VAT updates, ensuring your business remains compliant and benefits from any changes.
Challenge: Managing VAT implications for diverse business transactions.
Solution: We provide a comprehensive review of all transactions, ensuring correct VAT treatment and maximizing potential savings.
Challenge: Ensuring timely and accurate VAT return submissions.
Solution: Our systematic approach and reminders ensure you never miss a VAT deadline and always submit accurate returns.
VAT returns are usually due every quarter, but the specific deadline can vary based on your VAT accounting period. It's essential to submit and pay any owed VAT by this deadline to avoid penalties.
Absolutely! We can guide you through the VAT registration process, ensuring all necessary documentation is completed and submitted.
If you've incurred VAT on legitimate business expenses, we can assist you in identifying and reclaiming it on your VAT return, reducing your overall VAT liability.
At present, businesses with a taxable turnover of over £85,000 in a 12-month rolling period must register for VAT. This includes both Limited Companies and Sole Traders.