VAT Accountants
Our VAT accountants provide expert guidance to optimise your VAT returns, ensuring compliance while maximising savings and supporting your financial goals.
VAT (Value Added Tax) is famously complicated, with numerous responsibilities and compliance requirements. We’ll ensure your business’s VAT affairs are in perfect order, keeping you on the right side of HMRC and avoiding any risk of overpayment.
How VAT Accountants Can Help Mitigate Risks and Maximise Efficiency
Navigating the complex world of VAT presents businesses with challenges and confusing interpretations that can be difficult to handle effectively. Even when acting with caution and aiming for full compliance, unexpected obstacles can arise. Simple errors, even when unintentional, can lead to costly financial penalties and attract increased scrutiny from HMRC.
Our VAT Accountants specialise in ensuring your VAT matters are well-managed and optimised for maximum efficiency and minimal risk. VAT is a tax on transactions that impacts the daily operations of many businesses, making it crucial to stay compliant with constantly evolving VAT regulations. VAT on services can be particularly complex, with applicable rates varying based on the provider, recipient, location, and specific nature of the service.
We understand that dealing with HMRC demands a significant time investment, so our VAT services actively simplify VAT complexities and help you avoid penalties or interest. Our VAT Accountants can assess potential VAT risks to your business, from ongoing operations to one-off transactions like property purchases, which can carry VAT liabilities if not correctly managed. Our experts can help structure such transactions beforehand, reducing potential stress and risk. Seeking advice before a transaction, rather than after, can be critical in preventing issues when HMRC reviews VAT records.
How Our VAT Accountants Can Optimise Your Business
Our VAT accountants at ABS Accountancy provide a wide range of VAT services that are fully customised to fit your business needs, schedule, and budget. In fact, every business manages hundreds of transactions, each needing the correct VAT code. To streamline this process, we use advanced cloud accounting software, such as Xero, to ensure you meet your Making Tax Digital obligations.
Furthermore, once a month or quarter, depending on your VAT accounting period, our VAT accountants carefully review your VAT calculations before submitting your return to HMRC. With our expert guidance, we help your business fully leverage available reliefs and schemes, optimising VAT payments to the greatest extent possible. By partnering with us, you can focus on growth and innovation, knowing your VAT compliance is in trusted hands.
VAT is a transaction-based tax that can significantly impact your daily business operations. As such, it is essential for businesses to stay compliant with constantly evolving VAT regulations.
Your Trusted VAT Accountants for Complex Services
VAT on services can be complex, with rates varying based on the provider, buyer, location, and nature of the service. Navigating the intricacies of VAT is often perceived as complex, with confusing interpretations that can make it challenging for businesses to navigate effectively. Even when you believe you are acting cautiously and maintaining compliance, unexpected hurdles and pitfalls can still arise.
Our team of VAT accountants adopts a meticulous approach, ensuring accurate calculations, organised documentation, and timely submissions. We keep you informed about when and how much VAT to pay, optimising your returns to help you reach your financial goals.
Additionally, we manage your VAT returns and help you avoid unnecessary inspections. In the rare event of an inspection, we represent you, ensuring you’re never left to face the challenges alone.
In addition to VAT planning, our services encompass all aspects of VAT, including:
- VAT health checks
- Training your staff
- Managing unhelpful rulings or directions from HMRC
- Providing support during a VAT investigation
- Assisting with VAT return submissions
Why Choose us as your VAT Accountants for Your business
Facing an Inquiry with HMRC?
Don’t worry! Our VAT experts are here to guide you through the available options and make the process as smooth and stress-free as possible.
Do You Need a VAT Health Check?
Our experienced VAT accountants can perform a mock inspection to assess your ‘VAT health.’ Are your business systems and processes compliant with HMRC regulations? This review will help identify areas where you can enhance your VAT position.
Costly VAT Mistakes
Getting the VAT treatment wrong can be very expensive, resulting in unexpected bills and potentially significant penalties.
Frequently Asked Questions
You must register for VAT if your taxable turnover exceeds £90,000. That said, even if your turnover falls below this threshold, registering for VAT could still benefit your business. Additionally, there are other thresholds and conditions to consider. Therefore, please feel free to reach out to our VAT services experts for guidance on all VAT registration matters.
Standard rate: 20%; Reduced rate: 5%; Zero rate: 0%. Certain goods and services may be exempt or outside VAT’s scope. At ABS Accountancy, our VAT accountants help clients determine the correct VAT liability for their supplies.
VAT rates depend on factors such as:
- Who is providing or purchasing the goods/services
- Location of the provision
- How you present items for sale
- The specific nature of goods or services
- Obtaining the necessary evidence
- Maintaining accurate records
- Whether the goods/services come bundled with others
Most businesses typically need to submit VAT returns quarterly; however, monthly or annual submission options are also available. Our VAT services team can help you determine the best submission frequency for your business.
The cash accounting scheme enables businesses to account for VAT based on the actual dates of payments from customers and to suppliers rather than on invoice dates. This method can enhance cash flow management, as VAT is only paid to HMRC when income is actually received.
Get in touch
If you’re seeking a professional, approachable, and friendly accountancy practice, you’ve found the right place.
Our team is here to provide personalised services, allowing you to focus on what truly matters, whether you’re an individual, sole trader, or owner-managed business.
