VAT Accounting Services can prove essential for the smooth running of your business and to ensure you comply with any statutory requirements. VAT is commonly viewed as a complex area of business, especially by those who feel it has been imposed on them. At Smith Emmerson Nottingham, not only can we provide VAT Accounting Services to ease the burden of VAT reporting, but we can also identify areas in which VAT registration may be of financial benefit to your business.
Our VAT accounting services vary from providing advice, helping you register for VAT or undertaking your VAT accounting and preparing & filing your VAT Returns and can be tailored to the needs of your business.
Read more about the range of our VAT accounting services on our website, or contact us for more information.
VAT Accounting
Given the various VAT schemes and different VAT rates depending on the goods or services provided, VAT Accounting can be a confusing aspect of any business venture.
Whether you are in the process of registering for VAT or are already VAT registered, in order to avoid the risk of penalties, you need to ensure that your VAT accounting is being undertaken correctly. At Smith Emmerson, we can work with you to ensure the accuracy of your VAT accounting. This can vary from providing ad-hoc advice, to maintaining your VAT records on an ongoing basis and the preparation and filing of your periodic VAT Returns.
Accurate VAT accounting will also facilitate any inspection or subsequent investigation should the situation arise.
VAT Advice
Depending on the nature of your business and the level of your turnover, you may be obligated to adopt one of the HM Revenue & Customs VAT schemes. At Smith Emmerson, we can provide you with VAT advice, ensuring you select the optimal VAT scheme for your business. Since VAT requirements and options can vary significantly between large and small companies as well as business sectors & the products and services provided, VAT advice can prove invaluable in navigating the VAT system & avoiding penalties.
Working with you as your business grows, we can also provide you with VAT advice that ensures you are aware of any changes in the VAT obligations of your business. This can involve VAT advice about the appropriate VAT scheme(s) for your business as well as VAT advice about the level of VAT you should be charging on your products / services.
If you require VAT advice for your business, whether or not you are already VAT registered, contact us.
VAT Registration
VAT registration is currently required in the UK for most business with an annual turnover of £67,000 in a 12 month period. If you are likely to reach this level within the next 30 days, you must act now to ensure your VAT Registration is in place in time. At Smith Emmerson, we can guide you through the VAT Registration process and can also advise on the following:
- when a business must undertake VAT registration
- what would count as a legitimate separation of business and when it would be deemed as an artificial separation
- when VAT registration is not a legal requirement, but may be beneficial for your business.
- whether your business is eligible for VAT registration, even if turnover exceeds £67,000 in a 12 month period.
- what steps you need to take while awaiting for your VAT registration application to be processed
- whether VAT registration is required even if your business is based outside the UK
VAT Returns Services
Smith Emmerson also offers a VAT Returns Service, whereby we assume responsibility for the timely preparation and provision of your VAT returns to HM Revenue & Customs.
In order for us to provide our VAT Returns Service, we first need to receive your formal authorisation to act on your behalf as your agent. This is a straightforward process requiring the completion of a standard form. Once in place, we can then work with you to set up the procedures required for the smooth running of our VAT Returns Service.
Please note that although we can provide the VAT Returns Service, you, as the client will remain legally responsible for the declaration and the payment of any VAT.
