Each business turning over £73,000 per year (or predicted to turn over in the next 12 months) is required to register for VAT purposes. HMRC will impose fines for late registrations and demand VAT from your past sales.
For small businesses VAT could cause serious cash flow issues and, therefore, HMRC has designed alternative VAT schemes such as cash accounting or flat rate which may be more beneficial and less task consuming. Not all services/ products are rated at the same rate of 20%. Selected products such as books or food are rated at 0%, or some other products are rated at 5%.
If your VAT process is causing you a headache, or you simply want to refocus your resources on business growth, we will carry out all your VAT duties, process your invoices and prepare returns. Additionally, we will ensure that you recover VAT on purchases within the EU as well.