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Need to register for VAT? Not sure? Don’t worry; we’ll know.
VAT (Value Added Tax) is added to most products and services sold by VAT-registered businesses. You’ll need to be registered if your business makes more than £85,000 a year but can also opt to register if not, which might save you time in the long run.
When registered for VAT, you will have a number of other responsibilities as a business owner that we can manage for you. This includes: keeping records of how much VAT you pay for things bought for your business; accounting for the VAT on any goods you might need to import to the UK; report the amount of VAT you charged your customers and the amount of VAT that you paid to other businesses by sending a VAT return to HMRC, usually every 3 months. You’ll also need to pay the VAT you owe to HMRC.
Sounds like a lot? Don’t worry; we’ve got it covered.
Making Tax Digital is a part of the government’s Tax Administration Strategy which, at its core, refers to your obligation to keep digital records and to file your tax with compatible software.
It works by requiring that digital records are kept and filed online, and that updates are submitted every quarter. It’s a relatively new process, and one that we have studied up on so that you don’t have to. We’re able to help you by making and filing the relevant records with the correct software.
The process of registering for VAT can take several weeks, although the exact time frame can vary depending on a number of factors. When applying online for VAT, you can expect to hear back within two to three weeks. This process can take much longer, particularly if HMRC wants to know more about your application.
It’s necessary to send regular VAT returns to HMRC, which show how much VAT you have charged and how much you have paid. This is done separately from other tax accounts, but the VAT you pay or reclaim affects the tax you pay.
In most cases, businesses must file their VAT returns digitally. You may be able to apply for an extension, however, due to age, disability, religion, or a range of other factors. These exemptions are limited though, and the vast majority of businesses are required to file their VAT returns digitally.
Let’s take the first step. Click below, contact us, and let us handle the rest.