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.
We 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 .
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.
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.
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
As a small start-up company we need help with the smallest accounting tasks, right up to the crucial and legally required ones. We had extremely limited knowledge of accountancy and bookkeeping and have hardly needed to lift a finger – Bells have done everything for us!
We have never had a single moment of difficulty and the peace of mind we receive working with Bells, is priceless.
As our working relationship has grown we have been introduced to different members of the Bells team and each and every one of them has maintained the same high level of service, dedication and guidance.
Bells responsiveness is probably the best thing about them. Any questions, no matter how simple they may seem, have been handled quickly and professionally. It doesn’t feel like we are dealing with old-fashioned, stuffy, straight-laced ‘accountants’ – it’s more like phoning up a friend for advice
We have already and will again recommend Bells, to anybody looking for a professional, friendly and responsive accountancy team.
Mr Matthew Keogh (Director)
Leestock Music Festival Ltd
We instructed Bells at the start of 2015 as we were very impressed by their proactive approach to accounting matters. We have found the team to be very personable and their attention to detail is brilliant. Prior to the commencement of our partnership with Bells, we found our relationship with our previous accountant rather distant and often found ourselves contacting them to find out what our deadlines submissions were in the absence of any correspondence from them.
Bells have been great in assisting with our accounts in a very professional and efficient manner and the switch over process was really easy. They have provided us with better cost savings efficiencies that we wouldn’t have thought of. Big thank you to the team and we look forward to continuing our partnership with you!
Ebony & Ivory Interiors Ltd
We highly believed that Bells could advise us when setting up the business, and Bells proved to be of exceptional help by corresponding on our behalf with HMRC, understanding the challenges of our business from the very start, thus enabling us to meet our company’s deadlines.
The fact that Bells has been following our company from its early stages makes the relationship between our two companies even more efficient, as we have the opportunity of going through various stages of our business hand in hand.
Launching a new business is particularly challenging, and having the chance to rely on a trustworthy, efficient and experienced accountant partner is essential. We would highly recommend start-up businesses to instruct Bells from the beginning.
Juliette de Combret | Founding Partner
Green Rendez-Vous Ltd.
We 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
Chief Operating Officer and Co-Founder
The Brilliant Club
Since Bells took over as our bookkeepers, they have proved to be excellent at the job. They are completely accurate and efficient and have also reduced my accountant’s end of year bill. They managed the change-over from my old ‘analogue’ bookkeepers in the middle of a financial year seamlessly and have proved their worth time and again. I have no hesitation in recommending Jo and her Team to any other business owner.
John Wilcox & Co