Being a VAT registered company. What you need to know.


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We value our close relationships with clients. Over the past 10 years, we have worked with companies with every kinds of demand, hurdle, structure and goal. This experience has allowed us a wealth of knowledge that helps us reach our primary goal to deliver and please.

Photography by Asiko

Photography by Asiko

MANAGE YOUR VAT EFFECTIVELY: AVOID PENALTIES, IMPROVE CASHFLOW AND PROFITABILITY.

VAT affects a wide range of business functions, with a wide range of regulations depending on your business activities and sector.

VAT is a tax that can be charged on items such as:

·      Business sales

·      Hiring or loaning goods to someone

·      Selling Business assets

·      Commission

·      Items sold to staff

In order to register your company to charge VAT contact us.

 

Responsibilities:

VAT registered businesses must charge VAT on their goods and services. They may reclaim any VAT they’ve paid on business related goods or services.

If you’re a VAT-registered business you must report to the HMRC the amount of VAT you’ve charged and the amount of VAT you’ve paid. This is done on VAT return, which is usually filed every 3 months

Contact us to file a VAT tax return

 

Accounting for VAT

You must account for BAT on the full value of what you sell, even if you:

·      Receive goods or services instead of money

·      Have not charged any VAT to the customer, whatever price you charge is treated as including VAT.

If you charged more VAT than you’ve paid, you must pay the difference to the HMRC. If you have paid more VAT than you’ve charged you can reclaim the difference from the HMRC.

CONTACT US WITH ANY OF YOUR VAT QUERIES