Most businesses have to register for VAT when their turnover exceeds the threshold set by HMRC. Penalties are imposed for late registration, so it is important to check your turnover regularly if you are close to the limits.
When you have to register then we will complete the registration for you.
Being registered for VAT is an administrative burden. We are able to maintain VAT records for our clients and prepare the VAT returns in good time to ensure compliance with all the statutory requirements.
Penalties are imposed for failure to register for VAT or to submit returns on time. We assist many of our clients in the preparation and submission of their VAT returns. All VAT registered businesses have to submit VAT returns online and pay any VAT due electronically. We can assist you in registering for this and can submit the returns on your behalf.
Using cloud based accounting software is one of the best ways and easiest ways to record your VAT and to file the returns online direct from the accounting software.
Usually, VAT is accounted for on an invoice basis. Depending on your business and cash flow you may find it more beneficial to use the cash accounting method.
Alternatively, there is a flat rate scheme and/or an annual accounting scheme. Many small business that have minimal vatable expenses can benefit greatly from this type of scheme.
Some goods and services are exempt from VAT. If all of the goods and services you sell are exempt, your business is exempt and you won’t be able to register for VAT. This means you can’t reclaim any VAT on your business purchases or expenses.
If you are VAT-registered and incur VAT on any items that will be used to make exempt supplies, you are classed as partly exempt.
Generally, you won’t be able to reclaim the Input VAT on these expenses. However, provided the amount of exempt Input VAT is below a certain amount, it can be recovered in full.
We have experience in dealing with Partial Exemption calculations for a number of clients that have both Vatable and Non Vatable supplies.
"Zig Zag are always helpful and quick to respond to any queries we may have. They speak in terms that anyone can understand and have particularly made the partial exemption clear and easy to calculate, which makes our end of quarter a much smoother process and, because of this, filing has always been ahead of schedule.
We have worked with Matt now for over thirteen years and he has consistently demonstrated an understanding of our company that has allow us to develop our business further.”
Get in touch and let us know how we can help you and we will contact you by the next working day about making the next step.
No problem. If you're unsure, or you're only looking for an individual service, give us a call on 01225 300 490 and we can discuss your requirements.