Managing the VAT status of your business, the application of VAT to sales, reclaiming VAT from suppliers and making quarterly returns can be one of the most difficult areas of running a business. VAT can appear to be a complex system and sometimes businesses fear for making a mistake in their returns.

Fortune Chartered Accountants can assist or manage VAT on your behalf and ensure you remain compliant with HMRC.

This includes:

  • Completion of statutory VAT Returns
  • Assistance with online VAT registration and online filing
  • Selection of the appropriate VAT scheme for your business - Flat Rate Scheme, Cash Accounting
  • Assistance with HMRC VAT enquiries, whether the returns were prepared by us or not
  • VAT administration
  • VAT reconciliations
  • Assistance with treatment of VAT in your books and records
  • VAT training
  • Negotiating deferred payment of outstanding VAT liabilities

New to business and VAT?

A common question amongst small business owners is whether or not they should register for VAT and what is the VAT turnover threshold is. We can help small businesses make decisions on registration and for larger business what type of VAT accounting and payment system is right for them.

VAT is charged when a VAT-registered business sells to either another business or customer. When VAT-registered businesses buy goods or services they can generally reclaim the VAT they've paid. To do this, it is normal for businesses to account for VAT every quarter.

Everything (in the majority of circumstances, but not always) a VAT Registered business sells has VAT added to it and a lot of the things (but not everything) a business buys has VAT on it.

This quarterly accounting is called ‘preparing the VAT Returns’ and we do all or some of this process for our clients. Contact one of the team for more information.

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