VAT Services

Is your business VAT registered or thinking about becoming VAT registered? We can help you.

Value Added Tax – or VAT for short – is a complex tax affecting businesses throughout the UK. It’s charged on products whenever the value is added either at a stage of production or at the point of sale. As a VAT-registered business, you will have to comply with additional filing requirements from HMRC. At Page Kirk, we offer a high-quality VAT service which allows you to spend more time focusing on the areas of your business that matter most.

Our VAT services include:

VAT registration/deregistration
Making Tax Digital registration
Accurate recording of input vat to reclaim/output vat to pay
VAT return filing
Communication with HMRC regarding VAT issues
VAT planning
VAT advice

We can act as a point of contact for all your VAT requirements, ensuring that all deadlines are met, whilst avoiding penalties and fines.

What is VAT?

Value Added Tax is a goods and services tax and the rate in the UK is currently 20%. This tax is applied to purchases of goods or services and other ‘taxable supplies’. Some goods and services have a different VAT rate: children’s car seats and home energy, for example, are at a reduced rate of 5% and most food and children’s clothes are zero rated. VAT is a tax which is ultimately paid by the consumer and is not a tax on individual businesses. It is therefore an indirect tax though businesses, which are responsible for reporting fully to HMRC.

Requirements

You must register your business for VAT if your taxable turnover goes above £85,000 or if you know it will. You can, however, register voluntarily, which may be beneficial if you know your input VAT which you can reclaim is greater than the amount of output VAT on sales you will have to pay.

In the majority of cases when you are running a VAT-registered business, you will have to complete and file a VAT return on a quarterly basis. The completion of your VAT return will calculate how much output VAT you must pay and how much input VAT you can reclaim, and it is the net figure that you must pay over to HMRC or will get refunded. These quarterly returns must be filed one month and seven days after the end of each quarter.

It is a requirement now that all businesses are registered for Making Tax Digital, which enables companies to submit their returns digitally through accounting software, such as QuickBooks.

Benefits

Keep on top of deadlines, ensuring you stay compliant.

Gain access to dedicated accountants with specialist VAT knowledge.

Improve cashflow if input VAT is greater than output VAT.

Ensure your business is running as tax efficiently as possible.

What is the deadline for my VAT returns?

If you are unaware of the VAT return value and your deadlines for payments, you can access them by signing into your VAT online account via the Government Gateway website, or if you use QuickBooks or Xero this information can also be found there.

Your VAT online account will advise on the due date for your VAT returns and when you must clear the payment to HMRC. You usually need to send a VAT return to HMRC every three months. This is known as your ‘accounting period’. The deadline for submitting your return online is usually one calendar month and seven days after the end of an accounting period.

Whatever type of organisation you are running, our team of business accountants in Nottingham can help you ensure you’re set up for success. Contact us today for further advice or to discuss the next steps by calling us on 0115 955 5500 or email enquiries@pagekirk.co.uk.

FAQ's

Do I need to register for VAT?

You will be required to register for VAT if the turnover of your business exceeds the VAT registration threshold.

Businesses that produce taxable supplies, subject to VAT, are required to monitor the value of these supplies to determine whether they exceed the VAT registration threshold. The VAT registration and deregistration thresholds will not change for two years from 1 April 2022. The taxable turnover threshold, which determines whether a person must be registered for VAT, will remain at £85,000 until 31 March 2024.

If your business produces taxable supplies below the registration threshold, you may consider registering for VAT voluntarily, which may offer the opportunity to recover VAT on costs.

How can I calculate my VAT?

You can calculate your VAT amount online via HMRC website. You can’t use this calculator if you make payments on account or use the annual accounting scheme.

Most businesses must keep digital VAT records and use software to submit VAT Returns.

Can I recover VAT on my costs?

This depends on the types of products or services you provide.

A VAT-registered business can recover VAT on its costs if it makes taxable supplies or supplies that are outside the scope of VAT that give rise to VAT recovery. However, VAT cannot be recovered in relation to any VAT exempt or non-business activities.

Some VAT costs are always unrecoverable, such as VAT incurred on business entertainment and a valid VAT invoice must be held to support any VAT recovery.

If you are unsure whether you are able to recover any VAT on your business costs, please contact our team of experts who can provide more support.

What is MTD?

Making Tax Digital (MTD) will revolutionise how firms in the UK report taxes. VAT-registered companies are now required to maintain their accounting records and digitally submit their VAT returns under the MTD program.

We utilise popular digital accounting software for this, such as Xero and QuickBooks, both certified by the Association of Chartered Certified Accountants (ACCA) and MTD approved.

Why choose Page Kirk for Your VAT needs?

The process and evolving landscape of VAT returns and eligibilities required for VAT obligations can be complicated and time-consuming. Page Kirk is, however, able to complete all the necessary work on your behalf and be your dedicated point of contact for all enquiries. We can ensure that you are working in the most efficient means possible, with an ongoing, proactive working approach to improving your business.

At Page Kirk, our chartered accountants can provide you with all the advice you need, taking the hassle out of your obligations so that you can focus on running your business.

A single point of contact for all of your enquiries
A service that is tailor-made for you
Quick response time
A dedicated tax department with a wealth of experience and expertise
Business heritage dating back over 120 years
Nottingham-based accountants with national and international reach
Saving you valuable time with technology solutions
Hands-on partners who give you the best advice

What really matters to us is building the long-term relationships our clients are looking for and giving them the very best advice. Beyond our accountancy services, we are here to help you identify the strengths and weaknesses within your business. By tailoring our package of services to your business needs, we can fulfil your expectations, meet deadlines and do the legwork for you.

What’s next?

Arrange a consultation to find out how we can help you. Call us today on 0115 955 5500 or email enquiries@pagekirk.co.uk.

Talk to Our Team

If you already have an accountant, it’s quick and easy to switch to Page Kirk.

Page Kirk is a leading accountancy practice in Nottingham, but we service clients across the country, so wherever you are based, we can help. We will assign you an accountant to assist you in growing your business and improving its efficiency. Contact us to find out how we can help you today.

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From ensuring that you comply with your statutory requirements, to navigating the scaling-up of your business, through to effective profit extraction and dealing with your tax affairs, Page Kirk Nottingham accountants are here for you every step of the way.

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