Value added tax (VAT) is one of the most commonly misunderstood taxes by UK businesses.
It’s essential to get it right for sound cash flow, compliance and long-term planning.
When you outsource your VAT return to Simpson Wood, you will instantly win back time, whilst being reassured of a thorough and professional filing that helps keep your business in good order, so you can concentrate on what matters to you and your business.
Accuracy. VAT can quickly become complicated and errors can be costly.
Compliance. If you are a UK business turning over more than £90,000 gross per annum, you are legally required to regularly file a VAT return. Legislation evolves frequently, especially around reporting and international trade.
Protect Profits. Be confident that you are paying exactly the right amount of VAT at the right time.
Make better decisions. From pricing to expansion, VAT has a direct impact on your commercial strategy and profitability.
Do you need to register for VAT?
You’ll need to register for VAT if….
Your taxable turnover exceeds the VAT registration threshold (currently £90,000 per annum).
You expect to exceed this threshold in the next 30 days.
You take-over a VAT-registered business.
You trade in certain goods and services from overseas.
Even if you don’t meet these criteria, and are not legally required to register for VAT, you may still choose to register voluntarily, depending on the nature of your business and clients.
VAT returns must be filed on time and without error. Having to devote time (usually every quarter) to complete and file your VAT return is a laborious task that takes you away from aspects of your business to which you are better suited. We are highly experienced in VAT and its various complexities and challenges.
We explain VAT in plain English and keep you in the loop without impinging on your time.
Changes to thresholds and rules and regulations can change; we’ll respond quickly to any adjustments in process or approach that need to be made to keep you compliant.
As a firm with expertise across accountancy, tax, financial services andwealth management, we can support you across all your financial affairs, understanding that each service is part of a bigger picture.
From accountancy & tax to financial planning and long-term strategy, Simpson Wood works closely with business-owners, individuals and families to provide independent advice, delivered with care, clarity and commercial understanding.
Richard Wolk – Director of Tax
What is a VAT return?
Your VAT return is a calculation of how much VAT your business has paid in the purchase of goods and services; as well as the amount of VAT your business has charged in the sale of its goods and services.
You need to pay HMRC the amount of VAT your business has charged for its goods and services. However, you can reclaim the VAT you have been charged by other businesses against this amount.
Your VAT return is a “workings out” and demonstration of this calculation.
What do our VAT services include?
Completing VAT registration on your behalf; and deregistering you if necessary.
Preparation, review and filing of your VAT return.
Advice on VAT planning.
Ensuring you only pay the amount of VAT that you need to.
