Managing VAT is a serious business
‘VAT will be a simple tax on the supply of goods and services,’ pronounced Anthony Barber MP, Chancellor of the Exchequer, shortly before - with impeccable comedy timing - VAT was introduced on April Fool’s Day 1973. But managing VAT is no laughing matter - and it didn't turn out to be that simple, either. It's a serious business for your business and we're here to help you get it right.
What are my responsibilities as a VAT-registered business?
- Include VAT in the price of all goods and services at the correct rate
- Keep records of how much VAT you pay for items you buy for your business
- Account for VAT on any goods you import into the UK
- Send a VAT return to HMRC - this is usually required every three months
- Pay HMRC any VAT you owe
- All VAT-registered businesses are required to file their VAT returns using MTD compliant software.
How can we help with managing your business VAT?
Our experienced Tunbridge Wells chartered accountants can handle the VAT registration process for you and advise you on the following schemes where appropriate:
- Flat-rate scheme
- Margin schemes
- Cash accounting scheme
- Retail schemes
- Annual accounting scheme
- Group registration.
In addition to managing VAT, BSR Bespoke can handle all aspects of VAT return preparation and the VAT treatment of individual transactions.As experts in VAT, we can also guide you through more specialist areas, such as:
- VAT rules for property and construction, including opting to tax
- transfer of a business as a going concern
- the capital goods scheme for the purchase of larger assets over £200,000
- partial exemption rules when you make both taxable and exempt supplies
- place of supply rules when you sell goods and services abroad
- VAT on the import and export of goods to and from the UK following Brexit
- electronically supplied services