Professional VAT Services
We will handle the preparation and submission of your VAT return on your behalf.
Are you feeling anxious about submitting your VAT return? Perhaps you are worried about making mistakes or don’t have enough time to do it?
Many business owners feel overwhelmed when it comes to preparing and submitting their VAT return due to numerous rules and regulations and the risk of fines if there are errors. However, we can assist you with this task.
Our company, Angel Bookkeeping and Payroll Services aims to help relieve the burden of managing your business finances. We specialize in payroll, bookkeeping, and professional VAT services.
If you have our team of experts working with you, you won’t have to worry about missing VAT return deadlines anymore. You can focus on running your business with peace of mind.
Who needs to submit a VAT return?
If your business has a taxable turnover of £85,000 or more within 12 months, whether you’re a sole trader, in partnership, or own a limited company, you are required to register for VAT and submit a return.
It is also now compulsory for all VAT-registered businesses to submit their returns online via HMRC’s Making Tax Digital (MTD) system.
Even though MTD aims to simplify and expedite the process of submitting your VAT return, you may still not feel inclined to do so. If that is the case, we can handle it for you.
The benefits of outsourcing your VAT return
Outsourcing your VAT return is a great solution if:
You’re worried about messing up your VAT return
You haven’t got time to do it yourself
You’re scared of missing the deadline
You don’t want to risk being penalised by HMRC
You want to spend your time focussing on your business – not worrying about your VAT return.
In addition, our experienced team will not only handle the preparation and submission of your VAT return for you, but also help you save money, leveraging our years of knowledge and expertise.
By calculating your costs accurately, we can guarantee that you won’t be overcharged.
» How do I find my VAT number?
You can locate your VAT number on your certificate of HMRC VAT registration.
» Who can charge VAT?
Businesses with taxable turnover greater than £85,000 must register for VAT and can then charge VAT on their goods and professional services.
» What are the main VAT rules?
The main rules for VAT include:
VAT must be charged at the correct rate
VAT records must be kept and updated regularly
VAT returns must be submitted on time to HMRC
Businesses must pay all VAT due in full
» What are VAT liabilities?
A business has to pay a certain amount of VAT, known as VAT liabilities, to HMRC. This amount is calculated by subtracting the input tax (VAT that has been paid out) from the output tax (VAT charged on sales). If there is a difference between these two figures, then the business must pay it to HMRC as their VAT liability.
» What qualifications should I look for when researching experienced VAT professionals?
When researching experienced VAT professionals, you should seek qualifications from professional bodies. Additionally, many companies may require their staff to hold specialist qualifications in areas such as Accountancy and Business Studies.
Here at Angel Bookkeeping & Payroll Services, our team consists of experienced and qualified professionals who are trained in the latest VAT legislation. We are committed to providing you with the highest level of service and advice.
» What is meant by land-related services?
Land-related services refer to any services that are related to land, such as surveying, estate agent fees or agricultural advice. The VAT compliance rate for these services is usually standard-rated rather than zero or reduced-rated. UK VAT legislation requires that businesses must charge the correct amount of VAT when providing land-related services.
» Explain VAT health checks.
A VAT health check is an in-depth review of a business’s activities, and the way it charges and accounts for VAT. It can help identify any areas where your business may be at risk of non-compliance or potential overpayment of VAT.
» What is the definition of a non-business customer?
A non-business customer is a person or entity that does not operate as a business. This includes private individuals, charities, government departments and other organisations that are not registered for VAT. Non-business customers cannot claim back any input tax on their purchases. They must pay the full amount of VAT due when they purchase goods or services from a business.
» How do I make a start in VAT training?
If you’re interested in pursuing training in VAT, there are a range of courses available to help get you up to speed. These include introductory classes, distance learning programmes and one-on-one tutorials. Many providers also offer online courses that can be completed at your own pace.
» What are the VAT rules in relation to landfill tax?
Landfill tax is a form of indirect taxation that applies to waste disposal at landfill sites. Businesses must pay the appropriate amount of landfill tax when disposing of waste, depending on whether the waste is classed as ‘active’ or ‘inactive’.
» What happens when a customer belongs in a different VAT jurisdiction?
When a customer belongs to another country or is registered for Value Added Tax (VAT) in another EU member state, businesses must follow the rules set out by both countries. This means that you may have to charge the rate of VAT applicable in the customer’s country as well as comply with any specific requirements on import and export.
» How does VAT affect electronic services?
Regarding VAT purposes, any business establishment or professional firms must be aware of the rules around electronic services. These include any digital products supplied, such as software downloads, web hosting or streaming music and movies. Depending on the type of service provided, businesses may be required to charge a different VAT rate or submit returns to multiple tax authorities. It is important to ensure that all applicable regulations are complied with in order to avoid any penalties or fines.
» What is input tax?
Input tax is the total amount of Value Added Tax (VAT) paid by businesses for goods and services used in their business. This includes any VAT charged on purchases from other suppliers, as well as any taxable expenses incurred. Input tax can be claimed back on certain items, but there are specific rules that must be followed in order to do this.