VAT RETURNS PREPARATION, VAT REGISTRATION AND VAT SERVICES

FULLY COMPREHENSIVE VAT SERVICES FOR SMALL BUSINESSES, SOLE TRADERS AND CORPORATE COMPANIES ACCROSS PRESTWICK, ARYSHIRE, GLASGOW AND EDINBURGH

VAT RETURNS AND VAT SERVICES

LEAVING YOU FREE TO FOCUS ON YOUR CUSTOMERS!

Due to constantly changing and ever-evolving rules and regulations of the HMRC, being VAT compliant can be quite a complicated administrative process – even for us accountants!

 

If a business’s turnover is above the current VAT threshold, then that business may have to become VAT registered. For businesses that are VAT registered, this means a VAT return has to be completed and submitted to the HMRC, usually every quarter. Many new businesses don’t realise it can in some circumstances be beneficial to voluntarily register for VAT. Contact us for free, impartial advice on the based on your circumstances.

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Completing Your VAT Return

Depending on the individual situation, there are times if your VAT Return is relatively simple – it would make better sense for you to complete it yourself. In either case, we are always on hand to support or provide advice.

If your company uses bookkeeping software, then there is likely the built in ability to submit your VAT returns electronically online, based on the bookkeeping recorded for the time period in question. As simple as all that sounds, in a perfect world it is. Quite often, it’s not the case. If you want peace of mind and the ability to relax about your tax, contact Firstax today for your free, impartial consultation.

VAT Preparation

Our VAT Preparation services work hand-in-hand with our bookkeeping services. Our professionals prepare your VAT Return from records provided to minimise your VAT liability at every available opportunity.

Our proactive and professional VAT returns and preparation service could not be more convenient focused. We take care of all administration, calculations, filing, submitting and updating – while you focus on your business. All you need to do is bring us in your invoices, bank statements and any other paperwork and we’ll take care of everything else from VAT preparation to payroll payments and processing.

CORPORATE SERVICES

GROWING BUSINESSES THROUGH PRACTICALITY AND EFFICIENCY

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What Are VAT Registration Schemes?

If you do register for VAT and become a VAT registered business, be aware there are various schemes available. The three most common are; Standard (or Accrual) Scheme, Cash Accounting Scheme and Flat Rate Scheme (FRS). 

If you’re more confused than enthused – contact us we’re happy to help and offer advice in anyway we can.

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Standard (or Accrual) Scheme

The standard VAT registration scheme is the amount of VAT you owe, based on the date shown on invoices. For example, if you invoice a customer £1,000 plus VAT. That VAT is considered to belong to the HMRC and paid back to them at the end of every quarter. This type is not ideal for small businesses and can lead to cash flow problems with owed VAT.

Cash Accounting Scheme

This type of registration resolves the cash flow problem the standard scheme presents. VAT that is deemed to be owed to the HMRC is paid back at the end of each quarter – making it much easier as you’ve been paid by customers invoices in question.

Flat Rate Scheme (FRS)

This is a useful scheme that can save a great deal of money – in certain industries. Depending on your industry you will be given a flat percentage rate, for example lets say 12%. That means, you charge VAT at the usual rate, as of today in 2016, VAT is charged at 20%. You only need to pay the HMRC 12% of your Gross turnover (Meaning that Includes your owed VAT). If you are registered on this scheme, you would only be paying back the VAT percentage rate applicable to your industry.