To most small and medium sized businesses VAT can be a real headache. JCA Accountants Ltd can take that headache away and handle everything including VAT registration, determining the correct VAT scheme for your business, ensuring proper record keeping, preparing and submitting your VAT return and also offering you invaluable VAT advice along the way.
We have had a number of new clients approaching us who have “lost money” through not accounting for VAT in the right way, or as importantly, not registering for VAT when they should have and facing HMRC fines and that is why it is important to talk to us at the beginning before you even consider VAT registration.
As we keep stressing, it is so important to get the right advice from the beginning at VAT registration as just through being on the wrong VAT scheme alone can have a detrimental effect on your business. There are different VAT schemes out there and more so for small businesses and so before you go through the process of VAT registration it is important to get the right advice, which is what we are here for!
Should I register for VAT?
One question we get asked all the time is ‘Should I be VAT Registered? and ‘Do I need to submit a VAT Return?’
If your business sells supplies of taxable goods/services that is above the VAT Threshold then you need to register for VAT.
You can also register voluntarily for VAT, even when your turnover is below the VAT threshold..But, the question you may be asking is, why would I want to register for VAT if I don’t need to.
Some of these reasons may be:
- Most of your customers are VAT registered and therefore can claim the VAT back that you have added on to your invoice to them
- Most of your costs include VAT
- Your supplies are mainly zero rated
VAT – Imports and Exports
Foreign imports and exports are treated differently on your VAT Return , and if you make sales within the EU then you must also submit an EC Sales list to HMRC.
It is so important to get the right advice in this area to make sure you are submitting your VAT return in the correct way.
VAT is a complex area but JCA Accountants Ltd can take away that complexity and make sure that your business is dealing with VAT in the correct way.