You must register for VAT when your turnover for the previous 12 months has gone over a specific limit – called the ‘VAT threshold’. This is currently, fixed at £85,000, from 01st January 2021. You must register for VAT if your revenue has reached this threshold or if you believe your turnover will soon go over this limit.
Some business choose to voluntary register for VAT even though they do not reach the threshold limit as they feel it gives their business a professional image.
Why is it important?
VAT registered businesses have a responsibility of keeping adequate records detailing the output and input VAT and supported by VAT invoices.
Late filing and inaccurate filing can lead to paying costly fines.
By employing the services of a professional bookkeeper, you can rest assured that your VAT is being calculated correctly as well as on time.
What we do
By completing your bookkeeping on a weekly or monthly basis we have a record of your income and expenditure, we reconcile all of your bank and credit card accounts, which then forms the basis of your quarterly VAT return. Once we have completed the work for your VAT return we will give you the report to verify and authorise before submission to H M Revenue & Customs online.
How we work
Every month we will collect your documents from you or work from your premises, update your accounting records, and return your paperwork to you with a summary.
We will then use this information to submit your VAT Returns.