This is an alternative way of accounting for VAT, and if you do not have premises that you pay VAT on the rent for may well save you money and admin costs. For more details please speak to one of our VAT experts.
If you purchase second hand goods such as cars or furniture for resale you will need to operate the Margin Scheme for VAT. While most software does not work with this scheme we have systems in place to allow you to comply with your legal requirements.
Some businesses need a partial exemption scheme for their VAT. we can help you run this either on a line-by-line system or via an annual adjustment system.
Bad debts are the bane of many businesses lives, and managing the cashflow is the biggest problem for many small businesses. Cash accounting is the VAT mans contribution to help you solve both these problems and it really does help. If you are eligible nearly all small and medium sized business should consider this option.
Nothing annoys a businessman more than penalties, and VAT penalties are the commonest form of penalty from the taxman. We can help ensure your returns are always in on time, and help you manage the payment to avoid them. If you have large penalties we will negotiate on your behalf and help arrange time to pay, and possibly a smaller penalty. We know the tricks of the trade and will use them for you.
A Surcharge is the VAT mans posh way of saying he will charge you a penalty just because he charged you one before. Avoid them like the plague, and to do this have a system in place to get your VAT return in on time.
Register for VAT
Lots of businesses prepare their own VAT thinking they can save money by not using an accountant. Businesses preparing their own VAT are not aware of the savings to be had with the various VAT Schemes, so in affect this costs them extra in the long run and also, might be open to a VAT inspector knocking at their door. Within the service we provide, we certainly look at the savings to all our clients, Registering Businesses for VAT, applying the Flat Rate Scheme, Standard Rate, Cash Accounting, dealing with Surcharges and Penalties. We also deal with HMRC investigations and VAT Checks. For Example we had a client who registered for VAT but didn’t submit any VAT Returns to HMRC. The client received a letter from HMRC estimating a figure of £78.000 owed. In panic the client approached us we sorted out the VAT which amounted to £4.260 owed to HMRC. Another Client filed his own tax returns with HMRC we looked at the savings to be had and if the client had used us we would have used the Flat Rate Schemes VAT, thus a significant VAT savings for the client of £12.600 for the year.