Is your business VAT registered or thinking about becoming VAT registered? We can help you. Page Kirk can guide your business through the VAT registration process, ensuring compliance with tax regulations and helping you manage VAT efficiently, so you can focus on growing your business.
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.
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.
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.
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 through businesses, which are responsible for reporting fully to HMRC.
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.
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.
You must register your business for VAT if your taxable turnover goes above £90,000 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.
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.
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
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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