VAT FILING
VAT is compulsory if:.
- In the last 12 months, your total VAT-taxable sales were more than £85,000. (The VAT threshold).
- You think your sales will be more than £85,000 in the next 30 days
Regardless of your VAT taxable turnover, you must register if all of these apply:
- You’re abroad
- Your business is abroad
- If you sell products or services to the UK (or expect to in the next 30 days)
NO, IT'S OPTIONAL
Voluntary Registration:
If your annual sales are below £85,000 or if you're starting a new business and expect to make several purchases that include VAT, you can choose to register. By doing so, you can reclaim the VAT paid on the purchases from HMRC, which can help your company's cash flow. This will also put you in a repayable situation with HMRC.
WE CAN ASSIST YOU REGISTER
Looking to get your small business VAT registered, but not sure where to start? We're here to help you every step of the way! Our experienced VAT specialists will work with you to ensure that the process is as smooth and stress-free as possible. We'll keep you up-to-date on the latest laws and regulations, help you choose the most suitable VAT scheme, and make sure that your business is operating in the most tax-efficient way possible. And even if you're not required to register immediately, we can help you prepare for the future and ensure that you're ready when the time comes.
HOW WE ADVISE YOU
ASSESSMENT OF YOUR INDUSTRY/OVERSEAS TRADING
If you have a small business that needs to be VAT registered, the process might seem daunting. However, a dedicated VAT specialist can take care of everything for you. They can inform you about new laws and rules, help you choose a suitable VAT scheme, guide you through the registration process, and ensure that your business is tax-efficient. It's worth noting that if your income is less than £85,000, you don't have to register immediately, but it's still a good idea to prepare for the future.
MTD VAT ONLINE ACCOUNTING SETUP
We know how critical it is to file your VAT returns promptly, which is why we're dedicated to ensuring that the process is as swift and straightforward as possible. Our online accounting software solutions are entirely MTD compliant, allowing us to submit your returns electronically, saving you both time and hassle. Once you sign up with us, we'll provide you with one of our trusted software options - Xero, QuickBooks, or FreeAgent - based on your specific needs. You can rest easy knowing that we'll take care of your VAT returns, allowing you to concentrate on running your company without any worries.
FILING YOUR VAT RETURN WITH THE HMRC
Our VAT services are designed to simplify the process of completing your return and ensure that it is submitted to HMRC on time. With our expertise, you can trust us to manage your submission regularly, taking the hassle out of the process for you. We will also send you timely reminders when your VAT returns are due, and we'll make sure that they are prepared and filed on time. In addition, our team will advise you on whether your business is in a payable or repayable situation and help you identify what is claimable on your return by examining your expenditure carefully.
VAT SCHEMES
Flat Rate Scheme
Are you tired of spending a lot of time and effort on VAT payments? Say goodbye to the hassle with the VAT Flat Rate Scheme. This scheme ensures that you pay the same amount of VAT with less paperwork, leaving you with more time to focus on growing your business. Plus, you get to keep the difference between what you charge and what you pay HMRC. However, it's important to note that you cannot get the VAT back on purchases, except for capital assets above £2,000. Simplify your VAT payments today with the VAT Flat Rate Scheme..
Cash Accounting Vat Scheme
When deciding on a payment system, it's crucial to consider the payment terms. If your customers pay promptly but purchase on credit, a cash basis is the way to go. This is because it allows you to recoup VAT sooner, which can be a significant advantage for your business. On the other hand, if your customers take longer to settle their accounts and you pay your suppliers immediately, an invoice-based payment system may be more suitable. Keep in mind that finding the right payment system can make a big difference for your business and your customers, so choose wisely.
Standard Accruals Vat Scheme
Adhering to standard VAT accounting practices is crucial as it requires you to report financial activities as they occur, regardless of the payment date. However, this may put a strain on your cash flow as you will be required to pay HMRC VAT on services or items supplied that are not yet compensated. But, you can benefit from claiming VAT on the invoice if you haven't paid for products, which can help improve your cash flow. Therefore, it is advisable to stay on top of your VAT accounting and utilize the benefits of claiming VAT on your invoices.
SOFTWARE PARTNERS
WHY CHOOSE US
Industry Specific
Right from the beginning, our accountants regulated, provide guidance tailored to your industry and accounting software preferences, from business structure to tax planning.
Grow Your Business
We understand that every company is unique and thus we create customized strategies to meet your specific requirements, objectives and schedules, while delivering impartiality and guidance.
Integrate all your Software
We offer a wide range of software solutions, including bookkeeping, productivity, and stock management, to cater to our clients' business needs.
"We don't expect you to do the bookkeeping."
Compass & Partners takes care of bookkeeping for all clients, so you don't need to worry about entering receipts and bills.
All In One Package
Our comprehensive range of services caters to all your business needs, including bookkeeping and legal counsel, ensuring the success and sustainability of your company.
OUR SERVICES
FREQUENTLY ASKED QUESTIONS
Although we have provided some fundamental information above, you can still get in touch with us, and we will determine if you need to register for VAT. Don’t forget that not registering for VAT might result in hefty fines and fees.
We know this service is associated with filing your company’s year-end financial statements and tax returns. This is why we will offer you a set monthly fee to cover the cost of preparing and filing your VAT returns.
We will review all the business-related expenses you can claim during on boarding.
Your company’s VAT registration could be filed monthly, quarterly, or even yearly. Most of the time, you will file quarterly.
We're here to assist you!
We have a team of experts who are dedicated to providing you with comprehensive accounting and taxation services all under one roof. Our main focus is to ensure that we keep you up-to-date and well-informed throughout the entire process, while also offering you a hassle-free and cost-effective solution for all your financial requirements.
