In the United Kingdom, if your VAT turnover is more than the current VAT threshold (currently at 81,000), VAT compulsory registration is likely to apply to you. Once registered, you will need to complete and submit VAT returns to the HMRC, usually online on a quarterly basis. It can sometimes be beneficial to your business to register for VAT voluntarily (when your taxable turnover is below the threshold). Deciding whether you have to or should register can be confusing but we are here to help.
VAT Accounting, although generally complex and ever changing, can be straightforward to small businesses that organised their affairs.
It is always wise to seek out expert advice and support. We will help you cut through the complexity of VAT by answering your queries and providing specialist assistance to give you security and peace of mind as unpaid VAT and penalties for VAT errors can be costly for your business.
If you are undertaking a new venture, it is especially important that you have the procedures in place to ensure you avoid potential VAT pitfalls.
Qorro & Associates will work with you to protect your position and ensure your affairs are optimised for VAT. If, for example, you are looking to acquire a property, we can help you understand how any of these may apply to your transaction:
- Option to tax
- Transfer of going concern
- Standard rate (currently at 20% in the UK)
- 5% rate
- Zero rate
If we are doing your bookkeeping and receive your documents at the required frequency, we will complete your VAT return for you.