VAT services

VAT affects every business regardless of the sector it is in and irrespective of whether you are VAT registered or not.

 

Whilst the principals of VAT are reasonably simple, applying VAT in practice can be complicated.

 

Dealing with the VAT consequences of every transaction, submitting returns on time and finding the funds to pay the tax can prove a significant drain on resources. In addition, mistakes in calculating VAT can be costly, and the rigid system of penalties for late submission of returns and interest charges for mistakes adds to that burden.

 

Once you are VAT registered you will need to keep detailed VAT records, account for output VAT and input VAT and send in VAT returns regularly and on time.

 

Humphrey & Co can look after all of this for you, as well as help and advise on more complex VAT issues such as:

• The pros and cons of voluntary registration
• The timing of compulsory registration e.g. what to do when you exceed VAT registration thresholds
• De-registration
• Partial exemption
• Voluntary disclosures of errors over £2000
• Cash accounting, annual accounting and flat rate schemes
• VAT on imports and exports
• Land and property transactions.  Options to tax
• Margin schemes for 2nd hand goods
• How to deal with enquiries from H M Revenue & Customs

For more information or to arrange a consultation please contact us or call us on 01323 730631