VAT RETURNS

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Benefit from complete compliance and peace of mind with invaluable VAT services from Bells Accountants in Surrey. With all the will in the world, VAT can be confusing, even for the most experienced business people. From choosing between Accrual Accounting, Cash Accounting, or a Flat Rate Scheme, to knowing when to even register, it’s not easy. And what’s more, even slightly misunderstanding the system can lead to a VAT minefield that you’d really prefer not to walk through.

Our accountants in Surrey go beyond paperwork. We can advise and guide you on whether or not to register for VAT, and if so, what your best option would be. We’ll help you make sense of this landscape, and then we’ll take steps to ensure you meet all necessary legal compliance – it doesn’t have to be intimidating.

NAVIGATING VAT

VAT in a nutshell:

  • Once your total sales over the course of 12 months exceed a certain amount, you must register for VAT. Find out up-to-date information regarding the current figures from GOV.UK.
  • As soon as you pass this, you’re legally required to notify HMRC, with your registration typically taking place on the first day of the following month.
  • There are instances where you may need to register once you near the threshold, such as when you’re likely to pass it over the next two months.
  • You can voluntarily register for VAT at any point in time, even when your turnover has yet to reach the quota. In some instances this makes sense and we can provide the insight you need to understand whether this would be best for your business.

“Chase the vision, not the money; the money will end up following you.”

Tony Hsieh, Zappos CEO

A BRIEF INTRODUCTION
TO VAT

QUESTIONS? TALK WITH A VAT ACCOUNTANT IN SURREY

We’re in the business of providing full support, not just financial figures. Should you have a question about VAT, simply get in touch and we’ll happily provide obligation-free advice and guidance to demystify one of the most confusing realms of the tax world.

Your VAT obligations: we can help. With a team that has more than a century of experience behind it, Bells Accountants can help with every aspect of your company financials, including VAT. We can advise you on your obligations, handle your VAT returns on your behalf, and we can even manage the entire process for you from beginning to end. Our service is all about what is best for your business, the way you work, and what you need us to do for you.

Call us on 020 8763 1711 or email us via and let’s tackle the headache that is VAT once and for all.

FAQS ON VAT

Q: How does it work?

A: 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 by completing a VAT return. There are different schemes available, such as the Flat Rate Scheme, which can help save you money, but speak to us about the different options and we will help you decide which is best for your business.

Q: Do I have to register for VAT?

A: The current compulsory threshold for VAT registration can be found at GOV.UK. 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 decide which VAT scheme to choose, to save you the most money. It may even be worth 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.

Q: Are there any exemptions?

A: There are some exemptions available for some trades, but you need to be very careful not to misunderstand the guidance available from HMRC. There are hefty penalties for those who get it wrong despite this area being a minefield of information. Find out more from the government.