VAT
The VAT system requires an informed understanding of the different VAT schemes and when a business needs to register for VAT. There is a voluntary and compulsory VAT registration. A business must register for VAT with HM Revenue and Customs (HMRC) if its VAT taxable turnover is more than a threshold set by the HMRC. In the same vein, a business can register voluntarily for VAT even if it does not meet the compulsory threshold and wishes to avail the opportunities and benefits of the VAT registration.
Whether a new or existing business, our tax experts would consider the VAT schemes you are eligible for and establish whether you would be better off adopting one or a mixture of them because the industry or business you engage in can determine the type of VAT scheme to choose.
We can help you prepare your quarterly VAT return and ensure your business is compliant with the HMRC’s Making Tax Digital (MTD). It is important to know that, errors in VAT returns, late filing, payments and VAT registration could result in penalties, interests and HMRC VAT investigations.