Value Added Tax is by far the most complex tax regime imposed on business, so complex that many companies inadvertently over or under pay VAT every quarter.
Customs and Excise are aware of the many pitfalls and actively encourage companies to seek professional advice when dealing with their returns to ensure the correct amount of VAT is paid on time, every time.
Customs and Excise impose surcharge liabilities for late returns, a cost most companies can do without.
We provide an efficient, cost effect answer to the ever increasing headache of VAT. We recommend your VAT returns are completed in conjunction with our book keeping service. However VAT returns can also be completed in isolation if comprehensive book keeping is not required.
Our services include:
- Assistance with VAT Registration
- VAT Planning and administration
- Advice on use of the most appropriate scheme
- VAT Control and reconciliation
- Completion of VAT Returns
Making Tax Digital (MTD)
What is it?
Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers.
Making Tax Digital for business (MTDfb) began on 1 April 2019 with MTD for VAT. From that date, VAT-registered businesses above the threshold of £85k were required to keep digital records and submit VAT returns using compatible software.
Other components of Making Tax Digital, such as income tax and corporation tax, have been placed on hold until April 2020 at the earliest, but will follow.
What this means for your business:
You are responsible for filing all VAT returns for periods beginning 1st April or later using compliant software.
We supply three options available for MTD compliant software, Quickbooks, Sage & Taxcalc, although we will happily use alternative software at your request.