Businesses in the UK with a taxable turnover of £85,000 or more have to compulsory register for VAT with HMRC.
Other businesses with a turnover of less than £85,000 can voluntarily register for VAT and this may be beneficial where they can claim VAT input on the expenses incurred (providing they are making taxable supplies).
With Making Tax Digital (MTD) becoming effective from 1 April 2019 for all VAT-registered businesses, the task of preparing and completing VAT returns has become even more complex and tedious than before.
In addition, businesses which supply goods and services to EC countries have to prepare EC Sales list every quarter (although there is no liability to pay to HMRC for this exercise).
VAT is a tedious regime for anyone affected by it and the complex regulations imposed by HMRC as well as the ever-changing regulations makes it a gruesome administrative burden for any business. The good news is Adeza can take this burden away from you and make it it’s own by providing the following services:
- Completing VAT registration and VAT de-registration forms and filing them with HMRC.
- Preparing quarterly VAT returns, discussing the VAT liability or repayment position with you before filing these online with HMRC, on a timely basis.
- Preparing quarterly EC Sales lists and filing these with HMRC, on a timely basis.
- Assisting businesses who have not yet registered for MTD with a simple and effective way of how to go about it.
- VAT planning and advice on which VAT scheme is the best for your business.
- Assistance with VAT investigations by HMRC and being there for the whole process to ensure it goes smoothly.
- Dealing with enquiries from Customs & Excise in respect of imports and exports.
- Assistance in correction of VAT errors and completion of the relevant VAT forms to send to HMRC.