V.A.T. Value Added Tax
If your business turns over more than £85,000 per year, you are legally required to register for UK VAT. VAT is perhaps the most scrutinised of all U.K taxes, so understanding it and dealing with it accurately is vital.
It may be an advantage to your business to register for VAT, even if you are not legally required to, for cash flow reasons.
Over the past few years, VAT in the UK has undergone huge upheaval with the arrival of making tax digital making the process more complicated and expensive for businesses to handle.
Apex Accountants has MTD compatible software, meaning we can mange the VAT function seamlessly, saving you from time and money being invested in finding and implementing the required software. With more changes likely, it is crucial to be in the know where VAT is concerned.
VAT – Peace Of Mind
Apex Accountants has a wide–ranging knowledge of VAT and we can use our expertise to help you and your business fulfill its responsibilities. This can be bought as a standalone service or as part of the bookkeeping and admin function, should you choose to outsource to Apex. By allowing Apex Accountants to handle your VAT affairs, you can rest easy knowing that your tax affairs are being expertly dealt with by thorough professionals. Apex Accountants will:
- Prepare and analyse your monthly or quarterly VAT returns
- Ensure that transactions are treated accurately for VAT purposes
- File your VAT return using MTD compatible software
- Notify you of your tax liability and responsibilities
- Advise you on tax efficiency
Making Tax Digital (MTD)
UK VAT must now be filed using making tax digital (MTD) compatible software. This system is now in full flow and requires compatible software to enable you to file your VAT returns online. Outsource to Apex to seamlessly transfer to UK VAT compliance.
Domestic Reverse Charge (DRC)
As of March 1st 2021, the Domestic Reverse Charge (DRC) will come into play in the construction industry in the UK. This is a huge change to the way VAT is collected for businesses who fall inside the scope of CIS. To ensure that you are up to date with new legislation and fully understand the new process, contact Apex Accountants today.
Post–Brexit and EU VAT
Brexit has altered the way VAT works when buying and selling to and from the EU. If you complete a European VAT return to reclaim expenses incurred from European businesses, the process has now changed. C79 documents are no longer issued by HMRC, meaning that your business must use import documentation and postponed VAT accounting in order to fulfill your VAT responsibilities.
The VAT landscape is rapidly changing and responsibilities, thresholds and allowances are often shifting. To ensure that you are up to date with legislation and your VAT affairs, outsource to Apex Accountants and let our professionals straighten out your tax affairs.
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This website outlines the services provided by Apex Accountants – please call us with any questions you may have.
07734 040488 or email us HERE