Growing a successful business is a whirlwind of opportunity and excitement, but it can sometimes come with a little bit of stress – especially when VAT is involved.
That’s why at Guildford Accounting, we are helping you with every aspect of VAT, from managing the record-keeping and everyday compliance to submitting VAT returns on time, every time.
Welcome to Guildford Accounting, VAT accountants
At Guildford Accounting, we understand that managing VAT can be daunting, so we have learnt all there is to know about the subject. We are here to simplify the intricacies of VAT and amplify your financial efficiency.
With over 30 years of experience helping businesses manage their finance and accounting, we pride ourselves on being the go-to VAT accountants in Guildford, Surrey.
Whatever stage you’re at, whether a small business looking for support with VAT registration or a larger enterprise ready to tackle the receipts, our VAT accounting services are tailored to meet your specific needs. We specialise in VAT compliance, tax efficiency, VAT-friendly accounting software and removing the administrative burden.
So, why not get in touch today to tell us about your VAT needs?
What is VAT?
Value Added Tax or VAT is a type of tax charged on most goods and services sold by VAT-registered businesses in the UK. It’s not all about paying tax, though! When VAT-registered businesses purchase goods and services, they can reclaim the VAT paid – but only if certain conditions are met.
We’re helping you turn VAT complexities into opportunities for financial growth!
Not only will we keep your VAT affairs in order, but we will also look for ways in which you can make smarter savings when it comes to your VAT returns, utilising all VAT schemes and making sure that all eligible deductions are made.
What is the VAT threshold?
A business (be that a sole trader or a limited company) needs to be registered for VAT if it makes taxable supplies in the UK that exceed £85,000 in a rolling 12-month period.
You can also choose to voluntarily register for VAT regardless of the expected or actual level of turnover.
Who is liable for VAT?
If your business sells taxable supplies in the UK, and your annual turnover reaches the VAT registration threshold, then you are liable for VAT.
Not sure if your business sells taxable supplies? Well, HMRC has a handy guide to help you tell if you’re liable. You can also contact the friendly team at Guildford Accounting, and we’ll be more than happy to answer your VAT-related questions.
Our VAT services
Save more on your taxes when you outsource your VAT responsibilities to Guildford Accounting.
We’ll take care of everything from helping you register for VAT to making sure you meet your VAT return deadlines. We’ll also find innovative ways to keep your business as tax-efficient as possible, finding you the best VAT schemes available.
VAT liability guidance
Our VAT services are there to navigate you through the complexities of VAT liability, providing peace of mind and more time to focus on other important business matters.
We’re helping your business do all it needs to stay in line with HMRC regulations. By demystifying VAT obligations and ensuring you understand the importance of compliance, you can avoid the potential consequences that come with handling VAT accounts.
Let us simplify your financial management. It is our duty to handle the finer details of VAT returns, ensuring your submissions are not only accurate and on time but also stress-free.
We’ll take care of the record-keeping by implementing first-class accounting software that complies with Making Tax Digital (MTD) and allows you to access your financial data anywhere, anytime. Alongside keeping your information secure, up-to-date and accurate, we’ll ensure your VAT returns always meet the deadlines!
Making a VAT claim doesn’t have to be a minefield. At Guildford Accounting, we help you streamline the process and maximise your returns.
We’re taking the weight off your shoulders, guiding you through the process so you know exactly what you can and cannot claim VAT on. We’ll handle the meticulous record-keeping, claim calculations and communication with HMRC, keeping your business compliant every step of the way.
Choose Guildford Accounting as your VAT accountant
Are you looking for expert guidance to simplify the tricky world of Value Added Tax? Our VAT accounting services provide the support you need to make managing your VAT accounts a breeze.
At Guildford Accounting, we provide personalised VAT services that work for you, whatever stage your business is at. Let us break down the barriers of VAT responsibilities, making it not just manageable but a valuable tool for your business growth! We will ensure VAT payments are always on time and accurate.
If you are looking for an experienced VAT accountant, don’t hesitate to get in touch with our friendly team today! Whether you’d prefer a chat in the office over a cuppa or an online meeting, we can be flexible to suit your needs.
Frequently asked questions about VAT accounting
If you need a little more information about VAT regulations, then take a look at some of our FAQs below, or head over to our blog for more VAT and accounting insights.
Do I pay VAT on turnover or profit?
VAT calculations are typically based on the turnover, not the profit of your business.
How long does a VAT registration take?
The VAT registration process can take anything from a few weeks to a couple of months to complete. This usually depends on your efficiency and how busy HMRC is at the time. Once registered, you will be given a VAT registration number (also known as your VAT ID), which confirms that your business is liable.
You won’t need to worry about constantly replying to emails and gathering documents with us. We’ll help you by handling the paperwork and guiding you through the various requirements so your journey is smooth and stress-free.
What is the best VAT scheme for my business?
The best VAT schemes will depend on the individual circumstances of your business, but we will help you find the most suitable ones. There are many to choose from, including:
- VAT flat rate scheme: simplifies the way you calculate and pay VAT
- Annual accounting scheme: allows you to submit one VAT return a year rather than the typical quarterly VAT accounting period
- Cash accounting shame: only make a VAT payment when your customers pay you