Value Added Tax (VAT)

Value Added Tax (VAT) is a tax that is charged on the sale of goods and services in the UK in one of 2 instances:

  1. The business sales are more than the threshold for VAT registration (compulsory registration), or
  2. The business decides to register for VAT (voluntary registration).

The rate of VAT that is applied is a very complex part of tax law and is set at different rates for different goods and services dependent on where they are getting sold and many other factors.

Various VAT schemes can be chosen including standard rate, flat rate, margin schemes, annual accounting etc as well as choices of when to pay (e.g. cash or accrual scheme) and our team of experts helps our clients choose the one that makes the best sense for them.

In 2019 HMRC brought in legislation called MTD ( Making Tax Digital), this means that anyone who is VAT registered must have online accounting software to complete their VAT filings for accurate real-time monitoring and processing.  We complete this work for our clients to ensure that this is done correctly.

By engaging with our team of VAT-specialised professionals with vast knowledge in compliance and advisory services, businesses can ensure that their VAT obligations are met accurately and efficiently, reducing the risk of errors, penalties, and compliance issues related to VAT.

Steps we take to Help our Clients with VAT Filling

  • VAT Registration – We help our clients determine whether they need to register for VAT based on their taxable turnover. If registration is required, our team assist our clients complete the VAT registration process with HMRC.
  • VAT Compliance – We ensure that our clients understand their VAT obligations and comply with UK VAT laws and regulations. We advise our clients on the correct amount of VAT on their sales, issue VAT invoices to customers, and correctly account for VAT on purchases.
  • VAT Quarterly Return Preparation – We help businesses prepare and file their VAT returns regularly (usually quarterly). We review our client’s financial records, calculate the amount of VAT due to HMRC, and submit the VAT return to HMRC on behalf of the business.
  • VAT Control and Reconciliation – Our team reconcile the VAT figures in the business’s financial records with the figures reported on the VAT return. They ensure that all VAT transactions are accurately recorded and accounted for in the VAT return.
  • VAT Advisory Services – We provide VAT advice and guidance to our clients on complex VAT matters, such as VAT treatment of specific transactions, VAT schemes, cross-border transactions, and partial exemption.
  • VAT Inspections and Investigations – In the event of a VAT inspection or investigation by HMRC, our team assist our clients in responding to HMRC queries, providing necessary documentation, and representing our clients during the inspection process.
  • VAT Planning and Administration – We help our clients implement VAT planning strategies to minimise VAT liabilities, optimise VAT recovery, and ensure compliance with VAT regulations while maximising cash flow and profitability.

Get in touch with us: 01243 251625, info@platinumas.co.uk

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