VAT and Bookkeeping Support
Even if your turnover is below the current threshold, there can be benefits in registering for one of the government’s VAT schemes.
If you are not VAT registered but need to be or are uncertain of whether you should be VAT registered, we can provide advice and suggest which scheme would be most beneficial.
We can even look after the registration process for you. We can prepare your VAT returns as part of our bookkeeping service or from your own bookkeeping records. You will have peace of mind knowing that we will ensure that your VAT returns are accurate and submitted on time. We will make sure you pay what you owe when you owe it. No over-payments, no penalties.
Below is a brief overview of some of the most popular VAT schemes.
Standard Rate Scheme
With the standard rate VAT scheme, VAT returns are made on a monthly, bi monthly, quarterly or annual basis. The amount of VAT a business pays is the difference between the VAT charged by the business to customers, known as output tax and the VAT the business pays on their own purchases known as input tax. If you are lucky to have paid more than you have charged, then you will be entitled to receive a refund.
Cash Accounting Scheme
With the standard rate scheme, you have to report these figures and pay any money even if the invoices haven’t been paid. With the Cash Accounting Scheme, you will only pay VAT on your sales when your customers pay you and only reclaim VAT on your purchases when you have paid your supplier.
Do You Trade With EU Countries?
EC Sales List
If you’re a VAT-registered business that supplies goods or services to a VAT-registered business in the European Union, you need to inform the relevant tax authorities about the supplies. This is done via the completion of an EC Sales List which shows details of each of your customers in the EU and the value of the supplies you’ve made to them in a VAT period.
LF Bookkeepers can help you compile the EC Sales List and submit relevant information on your behalf. We’d love to help.
When you earn over a certain amount of money per year, the tax authorities will request that you register for VAT status. Simply put, this means that you will be subject to an advanced rate of tax based on your financial status. Unless you oversee a huge amount of growth right away, or have a large customer base ready and waiting to support you, you may not need to worry about VAT returns when you first get started with your business. However, it makes sense to find VAT online services you can rely on.
LF Bookkeepers supports more than just sole traders and and limited companies. We’re proud to be able to help larger firms and limited companies navigate their way through VAT tax standards. VAT isn’t something you should ever have to be scared of. However, it is crucial that you make sure your facts, figures and finances are always ready for governmental inspection.
If you are earning more than the threshold to pay VAT on your income, it’s time you consulted a team who can help you get your tax filing tightened up and ready for approval. It’s tempting to go it alone, but if you are already noticing rapid growth, it’s a good idea to focus on running your firm. Why not let leading local specialists take a look at VAT return for you?
Why is VAT Return Different from Other Services?
VAT return may seem drastically different from other types of bookkeeping. That’s because the turnover for firms using these returns is always going to be much higher. According the threshold for paying VAT is based on your yearly income. If you know that you are likely to breach this figure by the year end, you must register to pay VAT returns online.
Working With Tax Authorities
If you are registered with the Companies Registar , or even if you are a sole trader with a business which has grown extensively in recent years, you may find that the tax authorities demands a VAT return from you. Unlike traditional income tax returns and sole trader filing, you won’t be able to file these via the post. Instead, you will need to make use of the government’s online system to ensure your details are 100% present and correct.
The tax authorities does not look kindly on firms who file incorrectly, who file late, or who do not have adequate books to prove their incomings and outgoings. If you are still working with physical paperwork, you may find it difficult to get your figures in order. That’s why it is so important to make sure you use VAT online services for your advanced figures. Make sure to consult with LF Bookkeepers to ensure your VAT concerns are fully managed.
The more money you take in, the more tax you’ll pay, and the more complicated your returns are likely to get. Therefore, it makes sense to take some stress off your plate, and to let an online firm, completely outsourced, take care of the complex figures and number-crunching for you.
Our VAT Return Packages
As with our packages for businesses overseeing smaller turnovers, we offer three levels of support – Essential, Comprehensive and Premium – all of which supply tailored tax depending on what you need. For example, or Essential tariff will make sure your returns and figures are neatly collected and ready for filing.
Choose a higher package, however, and you will have access to advanced reporting, analysis, projections and more. Our Comprehensive packages are popular with VAT firms as they allow you to look over your books and records in fine detail. There is never any room for doubt. The appeal of our Premium packages, meanwhile, lies in the fact that your VAT return filing will be completely managed. You’ll have access to debtor management, payroll support, quarterly business meetings, detailed analyses and risk reports, and more besides.
It’s access to your own private team of business finance experts on a flexible, online basis. It means you’ll be able to contact an expert in VAT online services at short notice, and without the need to book an appointment. What’s more, with Comprehensive and Premium packages, you’ll get access to your own dashboard, meaning you will always be able to keep close tabs on what’s happening with your corporate finance.
Taking Your VAT Return Seriously
Our VAT return filing services are available to your round the clock. This means, regardless of what your business may do, and regardless of how much you may have earned by year end, you’ll be receiving full, tailored and attentive support. Rather than go it alone, it makes sense to find the best VAT return filing services to have your financial back.
Looking to know more about VAT return costs? Need help from an experienced firm who can crunch your crucial numbers for you? Don’t look any further.