VAT Returns
HMRC have created a number of “Special Schemes” to alleviate some of the cash flow problems small business may face, especially when they are just starting-up.
The most helpful schemes are:
Cash Accounting – If your turnover is within the limits for the scheme you will only need to pay VAT to HMRC when you are paid by your customers. This is a significant advantage for businesses that have to grant extended payment terms to their customers.
Flat Rate Scheme – Traders eligible to join this scheme can simplify their VAT accounting by applying a flat rate percentage to their sales and paying this amount to HMRC.
Annual Accounting – With this scheme you agree an annual liability, based on the previous year's figures, and pay this over on an instalment basis. At the end of each year a final return is submitted and any balance due is paid or overpayment refunded.
How we can help
- Help you with registering your business for VAT, either, if you want to register voluntarily or you have reached the threshold and need to register with HMRC and discuss the most beneficiary VAT scheme for you.
- Prepared on a timely manner so as to avoid penalties and interest charges.
- Correct use of standard rated, zero rated and exempt VAT rates.
- Preparation of quarterly VAT Return and online filing.