VAT

VAT registration must be undertaken by any business that has an annual turnover that reaches the threshold set by HMRC. If you fall into this category you are required to become VAT registered by law and begin adding VAT to your invoices.

It is critical that you register as soon as you go over the threshold amount and do not wait until the end of the quarter or year. Smaller businesses with annual turnover under the set threshold amount can choose to register if they wish, although this is not compulsory.

One of the main benefits for companies is being able to claim back the tax charged when buying goods for business use. Although not everything can be claimed for, there are a lot of business costs that can, so this is a real bonus for most businesses. For smaller businesses it can also make you look more professional, although you need to make sure that charging VAT does not make your prices uncompetitive.

Good Accountancy VAT service includes advice on VAT liabilities and allowances together with help selecting the most suitable VAT arrangement for your business by assessment of your trading situation and future business plan. We also help arrange your VAT registration, prepare your VAT records and accounts and complete your VAT return to ensure that you comply with all the legal requirements of HMRC.