Value Added Tax (VAT)

Value Added Tax (VAT)

VAT has to do with multiple rules and exceptions therefore can come off as complicated sometimes. One needs the right plan so that there aren’t any unnecessary payments or fines paid for. If you are looking for a knowledgeable VAT accountant, Z B Accountants is the place.

We’re experienced VAT accountants who can help you manage your VAT obligations so you can stay up to date with the ever-changing laws. If you’re a business with a income of less than £150,000, you can further benefit financially by signing up for VAT flat rate scheme. It might be the ideal VAT option for you. If you make more than £85,000, you’ll need to be VAT registered.

How is VAT calculated?

Companies charge sales tax (VAT). The client pays for VAT here since it is a consumption tax.

To simplify it, the business charges the consumer £1.20 for a product that costs £1. Thus, £0.20 is to be paid to HMRC afterwards. Certain products, like books, are tax-free, while other products have a standard 20% tax charge.

Because they are knowledgeable with all of the different rates, our VAT specialists can provide you advise. Other VAT-related issues that we may assist you with include software setup, communication with HMRC, payment plan setup, and more.

When do you register for VAT?

A lot of companies, particularly those with large amount of sales, must register for VAT. There are two distinct situations in which you registering for VAT is necessary.

You need to register for VAT if your sales during the previous year were more than £85,000. Alternatively, you ought to take action if you believe they will accomplish this goal within the next 30 days.

The laws are the same for everyone, regardless of the kind of business you run—small, limited companies, or solo operations. We may need to determine the best time to register because the procedure of doing so is not as easy as it initially appears. We also need to figure out how to reduce your vat payments as efficiently as possible.

How is VAT paid?

VAT liabilities are settled by digital VAT returns. Your company’s ability to make the required payments on a quarterly or monthly basis may have an impact on your cash flow. You must comply with VAT by doing this. Payments can be paid to HM Revenue and Customs by direct debit.

Why choose an accountant to do your VAT?

Most businesses usually use VAT accountants to complete their Value Added Tax returns. Without the assistance of VAT specialists, it would be very likely for anyone to make mistakes with this extremely complex issue.

We have a team specializing in VAT that offers customized VAT advice and keeps you up to date on any changes in regulations. They know how to function effectively in case of any VAT related problem that you may encounter.

VAT specialists are employed by a large number of business counselors and accounting organizations due to the complexity of the process for both paying and claiming VAT. It’s always better to handle these complex issues under the supervision of professionals.

Our VAT services

We at Z B Accountants offer a wide range of VAT accounting services including VAT returns of any nature. We have assembled a great team of VAT accountants who are ready to deal with any challenges whatsoever.