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It is simply a tax added on to taxable supplies. Standard VAT is currently 20%. There are also reduced rates and an exempt rate depending on the nature of transaction.
In recent years HMRC have rolled out various VAT schemes, we can advise on the most suitable for you!
HMRC have set rules and regulations regarding VAT. It is most important that you are up to date with your bookkeeping! This will ensure that you do not receive a penalty for not registering.
If you have any VAT concerns or questions, Cardiff Bookkeeping and Accountancy services can assist!
If you are a sole trader or business approaching the threshold of £85000 turnover in any rolling 12 months, it would be advisable to seek advice.
Cardiff Bookkeeping and Accountancy Services Ltd are happy to meet and discuss your options!
Registration can also be voluntary. If you regularly sell your products or services outside of the UK you may be able to reclaim any VAT you have paid!
It is essential that you keep track of VAT. Accurate bookkeeping and the retention of receipts is crucial. Cardiff Bookkeeping and Accountancy Services Ltd can advise clients on how to store receipts on cloud accounting software.
VAT registered companies are expected to be using suitable accounting software by April 2019. This is to ensure that VAT returns can be submitted directly to HMRC.
We are able to provide and train on suitable Making Tax Digital software for your company, ensuring you are fully compliant for the big changes in April 2019.
At Cardiff Bookkeeping and Accountancy Services Ltd we actively encourage using suitable accounting software!
Contact us for a FREE no obligation appointment!