VAT Accounting

Countryside Accounting can save you and your business money when it comes to VAT. Not only do we have the expertise to advise you on VAT issues but we can dea with much of the procedures of dealing with VAT for you.

Everyone pays it, nobody really likes it, but when you are running your own business you need to know about it. So what is VAT?

VAT (Value Added Tax) is essentially a sales tax. This is charged on all taxable goods and services sold in the UK by 'taxable persons'. VAT registered companies can claim back VAT which they have paid on goods and services.

A taxable person covers anyone or any company which is VAT registered with HMRC, be it an individual, partnership, unincorporated association (trusts or charities for example), limited company or limited liability partnership. Anyone running a bona fide business can voluntarily register for VAT, but if your taxable turnover exceeds £77,000 (Budget March 2013) in twelve months then you are obliged to register. This is why it is so important to keep an close eye on what your turnover is, because if you fail to register promptly you will be landed with a hefty penalty.

VAT brings several additional complications to the financial management of any business. Quite apart from ensuring that you charge the correct rate of VAT, you have to produce regular VAT returns for HMRC, as well VAT invoices for your customers. Contact us for an initial consultation of what we can do for you.