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Ever changing regulations and the growing demands of H M Revenue
and Customs mean VAT can be a difficult process. We can help
to ensure that you comply with the regulations and that overpayments
are not made. To help you manage this complex area, we provide
an efficient, cost-effective VAT service, which includes:
- Assistance with VAT registration
Trading turnover must be regularly monitored to ensure that the
VAT registration threshold is being adhered to. If you exceed the
threshold then in general you are responsible for registering your
business for VAT. We can provide an annual check on this threshold
and complete all the forms necessary to get you registered.
- Help with completing VAT returns
There is a degree of flexibility in the frequency of preparing
VAT returns. These can be completed monthly, quarterly or annually.
The frequency can be tailored to suit your business. If you will
regularly receive VAT repayments then a clear cash flow benefit
will result from making monthly returns. Similar benefits exist
for all types of businesses. Whatever frequency you choose we will
arrange a regular slot for you to let us have the base data for
preparing the form. There are penalties for the late submission
of VAT returns so we will write to remind you that your slot is
coming up about a month in advance. If the records do not arrive
on time our system will prompt a call reminder for you. After the
return has been completed under a strict quality control system,
the form will be forwarded to you for approval together with details
of how much and where and when to pay.
- Changed VAT circumstances
From time to time, the VAT circumstances of your business may
change. If you are a sole trader, you may decide to take on a partner.
If you are a company you may need to start importing or exporting.
These and myriad other circumstances will have an effect upon the
VAT status of the business which will necessitate professional
assistance. We aim to provide you with this back up service and
we monitor your VAT status annually, even if not preparing your
returns. If you ask us to prepare the returns we can of course
monitor the position more closely. In any event we will base our
fees for any work we do upon the additional time spent on the work.
- Problems with the VAT man
Occasionally, the VAT man may want further information regarding
your returns and may ask to see your records too. We can offer
to supervise his visit and deal with his enquiries as they arise
leaving you free to run your business. We can also deal with technical
enquiries and resolve penalty or surcharge issues to your satisfaction
where necessary. Since these are one off services they are not
included in our normal VAT fees and will be charged on a time spent
basis.
The VAT rules are very complicated and affect certain businesses
in a disproportionate way. There are different VAT rates and schemes
to be negotiated and these vary by industry. To obtain the best
terms for paying and dealing with your VAT we can advise you as
to which will be the best alternative for your business both now
and going forward.
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