VAT Accountant Kent

VAT can be very confusing and there are several options you need to consider. For example, you have to make a choice between Accrual Accounting, Cash Accounting or Flat Rate Scheme. If you are unsure about which will be the best option for your company to take, or even whether you should register for VAT in the first place, hire the expertise of Bells Accountants in Kent to guide you through the minefield.

VAT – What you need to know

 

  • You are required to register for VAT if your total sales for the previous twelve months (or since you began trading) exceeds £81,000.
  • Once this has occurred, you are legally obliged to inform HMRC within thirty days from the end of the month in which your turnover exceeded £81,000. You will then normally be registered for VAT from the first day of the following month.
  • You may need to register for VAT if you are close to the £81,000 limit and it’s likely that your turnover will exceed the limit over the next couple of months.
  • You can voluntarily register at any time with the HMRC for VAT even if your turnover has not as yet reached the limit. We can advise you as to whether this is the best policy for your business.

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VAT – What we can do to help you

 

VAT Accountant in KentWe have a combined experience of over 130 years in dealing with all aspects of company finance including of course, VAT. We can offer the very best in advice when it comes to your VAT obligations, and we can help you complete your returns or even complete and submit your returns for you. We will let you know which VAT scheme will best benefit your business, and how to benefit from the tax breaks and exemptions that are available to you.

 

 

If you engage our complete bookkeeping services, we can take over all of your VAT obligations and requirements.

 

If you have any questions concerning VAT, or the VAT-related services we can offer you here at Bells Accountants in Kent, then we would be more than happy to answer them for you. You can contact us on , or you can email us at .

Below, you will find answers to questions that we are frequently asked – if the question you have is not listed here, please call us on .

VAT

How does it work?

Standard VAT works by adding up all the VAT you have charged on your sales (20% on top of your net fees), deducting all the VAT you have paid out to your suppliers and handing over the difference to HMRC. This information is usually reported to HMRC on a quarterly basis via completing a VAT return. There are different schemes available such as the flat rate scheme which can help to save you money but speak to us about the different options and we will help you decide what’s best for your business.

DO I HAVE TO REGISTER FOR VAT?

The current compulsory threshold for VAT registration is £83,000 which means if your turnover in the last 12 months is over this figure or it is likely to go over in the next twelve months you will need to think about registering your business for VAT. We can advise you on the whole process and help you to decide which VAT scheme to go on to save you the most money. It may even be worth you registering for VAT voluntarily as for some businesses this means they can claim back considerable amounts of VAT they have paid out or even make additional profits from charging VAT to their customers and paying it over at a lower rate.

Are there any exemptions?

There are some exemptions available for some trades but you need to be very careful not to misunderstand the guidance available from HMRC as there are hefty penalties for those who get it wrong despite this area being a minefield of information – https://www.gov.uk/vat-registration

The Brilliant ClubWe first started using Bell’s Accountants in 2012 as a start-up charity. Joanne and her dedicated team have always been extremely professional and efficient. Over the years we have developed a great relationship with Bell’s and we work in partnership to make sure our complicated payroll is completed correctly to the benefit of everyone involved. Loraine explains situations and solutions to us very clearly and we very much appreciate her support. I would highly recommend Bell’s to any company looking for a personal service that’s great value for money

 

Simon Coyle
Chief Operating Officer and Co-Founder
The Brilliant Club