Our VAT services include:
- Registering (or deregistering) your business for VAT.
- Preparing VAT returns for approval and online submission.
- Planning the best VAT strategy for your organisation.
- VAT advice for complex financial transactions.
- Assisting you with pre-emptive VAT control visits.
- Reviewing land and property transactions.
- Advising on supplies of goods and services to overseas countries.
We can use our vast levels of VAT knowledge to ensure that you implement the most appropriate VAT strategy for your business’s needs.
In a challenging British economy, all businesses must recognise the importance of maintaining accurate books and records in order to meet regulatory requirements (such as the preparation of quarterly VAT Returns) and to provide the owners and managers with useful and timely management information.
HOWEVER, MANY BUSINESSES FIND THEMSELVES UNABLE OR UNWILLING TO CARRY OUT THESE TASKS THEMSELVES BECAUSE OF TIME CONSTRAINTS OR OTHER VALID REASONS. IF THIS IS THE CASE THEN WHY NOT LET US PROVIDE YOUR BUSINESS WITH A COMPREHENSIVE BOOKKEEPING SERVICE OR PREPARE MONTHLY OR QUARTERLY MANAGEMENT ACCOUNTS?
MAKING TAX DIGITAL IS HERE TO STAY
We provide a fully computerised bookkeeping service for clients in any industry and of any size.
You can choose how much you would like us to do for you.
If you are VAT Registered then our VAT specialists can also prepare your monthly or quarterly VAT Returns and arrange for these to be filed on-line, as is now the requirement for all businesses.
If you trade with Europe then there are other reporting requirements that we can assist you with, such as the EC Sales List or an Intrastat Return.
We also provide an excellent management reporting service to many of our clients, quite different from the bookkeeping service. Again, we can tailor the reports to your individual requirements and provide you with the right amount of useful management accounts information. Once the level of detail has been agreed we can provide you with a set of management accounts on a monthly, quarterly or bi-annual basis so that you have the information to keep control of your business.
MAKING TAX DIGITAL
Many businesses prepared for the major changes that the government’s Making Tax Digital project has imposed from April 2019.
Preparation for these changes will take time, additional support, and for some businesses the implementation of new accounting software and processes. Therefore it is important to involve your accountants now as they can help facilitate, support, recommend and implement changes to make the transition as smooth as possible.
WHAT IS MAKING TAX DIGITAL (MTD)?
Making Tax Digital (MTD) is the HM Revenue and Customs (HMRC) strategy to modernise the current tax system. For businesses it will involve mandatory digital record keeping and quarterly reporting using MTD compliant software.
On 1 April 2019 all UK businesses that are VAT registered and above the £85,000 VAT threshold will be required to keep their records digitally and submit VAT returns to HMRC using MTD-compatible software. Other areas of MTD, such as Income Tax and Corporation Tax, have been put on hold until 2020 at the earliest.
It is also important to note that HMRC has confirmed that charities will not be excused from MTD for VAT.
MAKING TAX DIGITAL SOFTWARE
Business records will need to be kept in a digital format and submitted to HMRC using MTD compliant software ever quarter.
Modern online accounting packages such as Xero, Sage Business Cloud Accounting, QuickBooks Online and FreeAgent will have software ready for MTD for VAT in time for April 2019 and offer a host of other benefits to assist businesses.
We have a team of specialists who can provide expert advice and support on the best option for your business to ensure MTD compliance, as well as provide training and assistance on how to use new software and maximise the benefits it can offer
ADVANTAGES OF USING ONLINE ACCOUNTING SOFTWARE:
- Safe and secure.
- Run your business finances anytime, from anywhere, on any device.
- Real-time collaboration with us, your advisers.
- No installation or IT maintenance required.
- Pay as you go and no up-front costs.
- Real-time view of business performance.
NEXT STEPS
Now is the opportune time to start reviewing existing bookkeeping processes and software to ensure that they will be compliant with MTD regulations.
We can help advise you on the changes that may be necessary to your processes and systems and can advise on the most appropriate MTD software for your business to ensure compliance.