Accountant for VAT

Specialist Accountants For VAT

VAT is a type of indirect taxation placed on a range of products and services available for sale in the UK. Any UK-based business with a turnover exceeding £85,000 must register for VAT and add it to products and services they offer before all of this VAT is potentially paid to HMRC.

The word ‘potentially’ is a crucial one there, as exactly how much VAT — if any — your business does pass to HMRC can depend on what VAT your company has paid on its supplies. So, the question of how much VAT your firm actually owes can be complex.

This begins to explain why hiring a specialist accountant for VAT purposes can save you a significant amount of time. This accountant would be able to do everything from bookkeeping to preparing your VAT returns and helping you to claim back as much VAT as possible.

What Is VAT?

VAT stands for Value Added Tax, and is charged on various goods and services. As a business, you would have the responsibility of registering for VAT as and when legally necessary, but you can also optionally sign up before reaching this VAT registration threshold.

Once you have added VAT to your relevant offerings, you would then specify in a VAT return how much VAT you have collected in the previous accounting period. This is usually three months in length but can be longer, depending on what you have arranged with HMRC.

Your VAT return will also summarise VAT your company has incurred on expenditure during the accounting period. If the collected figure is higher than the incurred figure, you will pay HMRC the difference — while, if the latter figure is higher, HMRC will refund you the difference.

A Specialist Accountant Can Ease Your VAT Journey

UK VAT law tasks your business with so many obligations that fulfilling them all can feel like a part-time job in itself. This is why it could be worth your while to partner early on with an accounting professional who has intricate knowledge of this VAT legislation.

This accountant could assist you in preparing for and navigating the VAT registration process. You can also gain a better insight into the different VAT schemes available and which of them would best suit your corporate needs.

You can then leave your accountant with such routine tasks as updating VAT records, preparing VAT returns and corresponding with HMRC on your behalf. That way, you can avoid getting caught out by penalties and possibly interest that could arise as a result of errors or tardiness.

A Qualified VAT Accountant Isn’t Far Away

You can get in touch with one simply by completing this interactive form and leaving us to handpick you an accountant who is not only adept at VAT matters but also ready to cater for specific requirements of your firm as expressed on the form.

The accountant in question will have been chosen from our network of respected finance professionals — and will be introduced to you within hours of you submitting your enquiry.