Value Added Tax (VAT)
As prided VAT Consultants and Advisers we understand that many businesses constantly struggle to understand even the fundamentals of VAT, what is taxable and what is not. Most companies are not aware of the different VAT scheme that can be used to your company's advantage by turning VAT into a money making opportunity. As VAT Experts and Advisers, we liaise with our clients to guarantee that the essentials are completed accurately such as registration, the correct BAT scheme has been applied and understanding what is taxable and what is not. Most importantly we took to ensure opportunities are not missed particularly in areas such as land and property.
VAT Returns can be a lengthy process. The complex procedure of regulations imposes an enormous administrative inconvenience on businesses. With the Bat rate being so high in the UK, errors in calculating BAT can be expensive with the harsh system of penalties, interest charges for errors and the late submission of returns makes it a priority that your BAT is completed in the appropriate manor. Our cost-effective Bat services will relieve you of this inconvenience.
Our team of BAT professionals will keep your BAT affairs organized. We will complete the registration procedure on your behalf (which includes setting you up online), ensure you are collecting the correct amounts for each transaction & strive that you make payments and file VAT returns correctly and on time with HMRC's new online filing service for VAT. Together, we will provide a comprehensive bookkeeping and VAT accounting service, our time is always given to those who require VAT advice at any time or in any situation.
The Flat Rate Scheme
The flat rate scheme is a fantastic opportunity for businesses to turn VAT into a money making opportunity if your business does not involve high amount of taxable expenditure
Once registered on the flat rate scheme. You will be charging your clients 20% VAT on your sales. However, you will only be required to pay back a lower percentage to HMRC which is set based on your trade (a 1% reduction is applicable to all businesses after your first year of VAT registration on this set percentage). When you're on the flat rate scheme you can also claim VAT back on company assets over a specific amount.