Sort out your VAT payments with our VAT accounting services
Small businesses in the UK making a turnover of over £85,000 must register for VAT. Staying on top of VAT laws, however, can be complicated – the more so because even small mistakes could lead to hefty fines from HMRC at the end of the year. But with us by your side, VAT compliance is a breeze.
Be VAT-compliant throughout the accounting period
VAT is one of the most complex business taxes out there. The regulations around it are constantly evolving, and it can be hard for a layperson to make sense of those changes – which means that many businesses end up overpaying or underpaying VAT.
If your business is registered for VAT, you’re obligated to furnish HMRC with quarterly VAT returns and pay the discrepancy between the VAT due on sales and VAT reclaimable on purchases within a month and seven days of the relevant period.
Moreover, all invoices must be meticulously reported on these returns to validate VAT claims. The invoices should incorporate crucial details such as the business’s name and address, VAT number, tax point, supply particulars, and both the net amount and the VAT amount.
Our expert VAT accountants help you complete your VAT registration and submit your VAT returns in a hassle-free manner, with regular reviews on how to best plan for VAT payments. Whether you’re just starting or have been in business for years, our expertise can provide invaluable support for your VAT management.
We’ll collaborate with you to address vital queries such as:
- Are you remitting the correct amounts of VAT?
- Is your business structure and model optimised for VAT?
- Are your business accounting systems in compliance with VAT regulations?
- What measures is your business implementing to rectify VAT-related problems?
- Are your accounting procedures and controls sufficient to safeguard your business?
In addition, we use MTD-compliant accounting software to provide automated reminders for payments, real-time tracking of your VAT obligations, and robust reporting to keep you informed about your VAT status. So you can count on us for reliable VAT returns service – at a price that suits your budget.
Scope of our VAT consultancy services
No more worrying about HMRC knocking on your door. You pay exactly what you owe, when you owe it. Let Affinity Associates tackle the complexities of the UK VAT system for you. The VAT services we offer include:
- Completion of ECSL
- VAT record-keeping
- Advice on VAT planning
- VAT control and reconciliation
- VAT registration/de-registration
- Assistance with registering for VAT
- Support for the VAT Flat Rate Scheme
- Preparing and submitting VAT returns
- Choosing the most appropriate VAT scheme
- Negotiating disputes and representation at VAT tribunals as necessary
- Support for both invoice and cash basis returns and switching between them
As long-time VAT tax accountants, we give you tailored VAT support depending on your needs and budget
When you work with us, here’s what you get:
Complete and timely returns
We comb through the paperwork and submit complete VAT returns well in advance of HMRC deadlines. No more last-minute rushes or worries about careless mistakes. Only complete transparency you’ll love!
Only pay what you owe
We ensure prompt and precise completion of VAT returns, taking care of the cumbersome paperwork. We help you claim all expenses and reliefs that you’re eligible to claim so that you never overpay by even a penny.
The right VAT scheme
Businesses often don’t know which VAT scheme applies to them, including whether it’s the right time to register for VAT. We help choose the most appropriate VAT structure so you’re always paying exactly what you owe.
Proactive planning
Our team conducts regular reviews and provides strategic advice to plan for your future VAT payments effectively. No more worries about HMRC audits or penalties; we’ve got you covered.
Time-saving efficiency
Our thorough handling of all VAT-related paperwork and processes frees up your time to focus on running and growing your business. By trusting our team to deal with VAT intricacies, you’re not just gaining a service, but also valuable time.
Don’t let VAT be a headache when you have us to manage it for you
Connect with us for a complimentary consultation to simplify and optimise your VAT processes. Let us take the strain of VAT management, so you can focus on growing your business.
- Email us at
- info@affinityassociates.com
Technological mastery defines us
And, if you have your own VAT software installed, we’re happy to work there too.
Frequently Asked Questions (FAQs)
1. What are the VAT registration requirements and deadlines?
In the UK, businesses that have a VAT taxable turnover (the total value of everything you sell that isn’t exempt from VAT) of more than £85,000 in a 12-month period are required to register for VAT with HM Revenue and Customs (HMRC). This is known as the ‘VAT threshold.’ If your business’ VAT taxable turnover is expected to exceed the threshold in the next 30-day period, you must register by the end of that 30-day period. If you exceed the threshold over a period longer than a month, you must register within 30 days of the end of the month when you realise your turnover exceeded the VAT threshold. If you register late, you must pay what you owe from when you should have registered, and you may also be penalised.
2. How often do I need to file VAT returns?
In most cases, VAT returns should be filed with HMRC every 3 months. This period is known as your ‘accounting period.’ The VAT return records things for the accounting period like your total sales and purchases, the amount of VAT you owe, the amount of VAT you can reclaim, and what your VAT refund from HMRC is. There is also the VAT Cash Accounting Scheme, which lets you submit only one VAT return a year. To qualify for this scheme, your estimated VAT taxable turnover must be £1.35 million or less.
3. Can you assist in registering my business for VAT?
Indeed, we can assist you throughout the VAT registration process. Our team of experts can ensure that the necessary paperwork is completed accurately and submitted promptly to HMRC, thus helping to mitigate any potential issues or delays with your registration.
4. Can you handle the preparation and submission of VAT returns on my behalf?
Yes, we offer comprehensive VAT services that include preparing and submitting VAT returns. Our team will ensure that the details are accurate and the submission deadlines are met, thereby helping you to avoid penalties and stay compliant with VAT regulations.
5. What documentation and records do I need to maintain for VAT compliance?
As part of VAT compliance, you must keep and maintain digital records of all your sales and purchases, a record of your VAT account, and any adjustments or corrections made. Records of all supplies you receive and make must be kept for at least six years, though sometimes HMRC may allow you to keep some records for a shorter period. Keeping these records in an accessible digital format is essential under MTD rules.
6. Can you assist with VAT compliance in multiple jurisdictions?
Yes, our team of vat tax accountants is experienced with the VAT laws and regulations in various jurisdictions. We can provide comprehensive assistance with multi-jurisdictional VAT compliance, helping you navigate through different VAT systems, their rates, rules, and ensure your business adheres to all relevant tax laws and obligations.
Client stories: Experiences that speak volumes
Matthew Loxston
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