You must register for VAT when your turnover for the previous 12 months has gone over a specific limit - called the 'VAT threshold'; which is currently fixed at £85,000. You must register for VAT if your turnover has reached this threshold or if you believe it will soon go over this limit. Once you have registered, VAT must usually be charged on all sales and your invoices must include your VAT Registration Number. This also means you must start to submit VAT returns to HMRC.
VAT must be accurately calculated throughout your bookkeeping and then paid to HMRC. Late filing or payment and inaccurate calculations can lead to paying costly fines. By employing the services of a professional, you can rest assured that VAT is being accounted and calculated correctly as well as on time.
We keep records of your income and expenditure throughout the year accounting for VAT . When your VAT is due for submission, we calculate the figures and submit the return.
Every week, month or quarter we will collect your documents, update our records, and return your paperwork to you with a summary. We will then use this information to submit your VAT Returns.