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VAT Accountants

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Our team of VAT specialists is here to help you understand and manage your business’s VAT responsibilities. Our aim is to ensure you stay compliant with the latest regulations while remaining as tax-efficient as possible.

VAT accountants for business professionals

If you’re in search of a way to simplify your VAT responsibilities, then look no further. As your accounting partner, it’s our job to streamline your VAT affairs and submit VAT returns accurately and on time.

At WIS, we understand the complexities and challenges that VAT compliance can present to small business owners. Our VAT services can save you time and provide valuable peace of mind. By entrusting us with your accounts, you can focus on what matters most – growing your business – while we handle the complexities of VAT compliance on your behalf.

Get in touch with our team today to discuss how our VAT service can benefit your business. Read about our other accounting services.

How is VAT liability determined?

VAT (value-added tax) is a tax levied on various goods and services in the UK. The current standard rate on most goods and services is 20% VAT. As a business in the UK, you have an obligation to register for VAT once your turnover reaches the threshold.

VAT liability is determined by calculating the difference between VAT incurred on business purchases (input tax) and VAT charged on sales (output tax) within a specific accounting period. Accurate VAT calculations are crucial to ensure your company pays the right amount of VAT – not too much or too little. That is why the services of a VAT specialist accountant are so valuable.

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What does a VAT accountant do?

A Value-Added Tax (VAT) accountant specialises in helping business owners meet their VAT liabilities. Starting with VAT registration, your accountant can help you choose the best VAT scheme for your business and register with HM Revenue & Customs (HMRC).

If you are new to VAT, your accountant will ensure you understand your liability and what is required to remain compliant. They can advise on how to charge VAT on goods and services you supply, and also how to claim VAT back on company purchases.

From there, they will streamline your accounting processes to ensure your VAT records are kept in meticulous order. This will make quarterly reporting more straightforward and ensure you never miss a VAT return deadline or get hit with an unexpected bill.

Along with making VAT calculations and submitting VAT returns, your accountant can implement tax strategies to ensure your company saves money by minimising its VAT liabilities.

VAT accountant services

What are the benefits of VAT accounting services?

  • Peace of mind: VAT accounting services ensure that your business operates within VAT law, minimising the risk of fines or penalties for non-compliance. Knowing that your VAT responsibilities are in capable hands provides a sense of security and confidence

  • Time-saving: By outsourcing VAT accounting to professionals, you can focus your time and energy on core business activities.

  • Cost saving: VAT specialists can ensure you claim back every penny of VAT you are entitled to and optimise your VAT strategy for maximum benefit.

  • Financial clarity: Accurate accounting and VAT records provide clear insights into your business finances, enabling better decision-making and strategic planning.

Our VAT accounting services

At WIS Accountancy, we provide comprehensive VAT services from initial registration to ongoing compliance and advisory support.

  • VAT registration: We can advise you when it is time to register for VAT, help you choose the right VAT scheme, and take care of the registration process on your behalf.

  • VAT records: Our team is highly proficient in using accounting software such as Xero, which is compliant with Making Tax Digital. This will help streamline and simplify your accounts and keep your VAT records in meticulous order.

  • VAT calculations: As skilled and experienced accountants, we can calculate how much VAT you owe to ensure you pay the right amount.

  • Quarterly VAT returns: With your VAT records in order, filing quarterly VAT returns becomes a breeze.

  • VAT payments: We will ensure you plan for your VAT bill and pay HMRC on time.

  • Strategic planning: This begins by understanding your business’s operations, transactions, and industry-specific VAT implications. From there, we can tailor your approach to VAT accounting to minimise your liabilities and maximise recoverable input tax.

VAT returns in line with Making Tax Digital

Under Making Tax Digital, VAT-registered businesses must keep digital records and submit their VAT returns using compatible accounting software. It is part of HMRC’s broader Making Tax Digital program, which aims to modernise tax administration and improve compliance.

It’s essential that you use compatible software to submit VAT returns to ensure your business remains compliant. At WIS, we are highly proficient in the latest accounting software, such as Xero. Xero simplifies VAT compliance by providing real-time accounting visibility, automating calculations and seamlessly integrating with HMRC for effortless VAT returns. Plus, it comes with a handy mobile app, enabling you to keep track of your accounts on the go.

As specialist accountants with years of experience in VAT, we can help you implement this elegant, tech-based solution. As well as making your life easier and ensuring compliance, it will provide the financial clarity your business needs to grow.

FAQs

Not all businesses pay VAT; it depends on the level of turnover generated. As a business owner, you must register for VAT if your annual taxable turnover exceeds the threshold, which is £85,000 until April 2024, after which it will rise to £90,000.

No, the figures on a profit and loss statement are shown net of VAT. Instead, VAT is included in the revenue and expense figures, affecting the overall financial performance of the business.

VAT payments are due quarterly following the end of each VAT accounting period. The deadline for submitting VAT returns and paying VAT to HMRC is usually one month and seven days after the end of the VAT period.

If a VAT payment is late, HMRC may impose penalties and interest charges. The penalty amount depends on the level of lateness and the amount owed. It's crucial for businesses to meet the payment deadlines to avoid these consequences and maintain compliance with HMRC regulations.

HMRC offers various VAT schemes tailored to different business needs, including the Standard VAT accounting scheme, the Flat Rate Scheme, the Cash Accounting Scheme and the Annual Accounting Scheme, each with its own eligibility criteria and benefits.

 

Many small businesses choose to adopt the VAT Flat Rate Scheme for its simplicity. The scheme applies a fixed VAT rate to their turnover rather than calculating the difference between input and output tax. Under this scheme, businesses charge VAT to their customers at the standard rate but pay HMRC a lower, fixed percentage of their turnover as VAT.

 

Although businesses cannot reclaim VAT on most purchases, the Flat Rate Scheme streamlines VAT accounting, reduces paperwork and may result in lower VAT liabilities for eligible businesses, making it a popular choice among SMEs.

Contact our trusted VAT professionals today

As a fully regulated accounting firm with a gold standard in trainee development from ACCA and as a certified training partner with CIMA, you can trust our industry-qualified accountants to look after your business finances.

Our VAT team will keep you up-to-date on the latest regulations and manage your VAT calculations and returns, leaving you to focus on your primary job as a business owner. We value integrity and will always give you honest advice about how to save tax while remaining compliant.

You can expect a dependable point of contact and personalised service from a team that has a genuine interest in your business. We’re always upfront about our costs, and our monthly accounting packages are fixed with no hidden fees.

Contact us today on 020 301 1898 to get started, or download the WIS Accountancy app for free via the App Store or Google Play.