VAT is one of the most time-consuming areas of running a business – and can be one of the most costly if you get it wrong. With the changing legislation of compulsory VAT registration thresholds it is easy for a business to overlook compulsory VAT registration. We work closely with our clients to provide advice on all of their value added tax needs. We monitor clients to identify those which are required to register for VAT.

We also monitor our VAT registered clients to ensure that they are accounting for their VAT in the most tax beneficial way available to them. Whether it be advice on VAT flat rate scheme or the VAT cash accounting scheme we work to identify the most tax advantageous method available to you. Below are varying options available to our clients for accounting for their VAT.

  • Cash Accounting – If your turnover is within the limits for the scheme you will only need to pay VAT when you are paid by your customers. This provides a significant cash flow advantage for businesses if you have money owing to you.
  • Flat Rate Scheme – Businesses eligible to join this scheme can simplify their VAT accounting by applying a flat rate percentage to their sales and paying this amount to HMRC. We can show you how to calculate if you are likely to save any money by this.
  • Annual Accounting – With this scheme you agree an annual liability, based on the previous year’s figures, and pay this over on an instalment basis. At the end of each year a final return is submitted and any balance due is paid or overpayment refunded.