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VAT Services
While you would love to handle your VAT account by yourself via your in-house team their inexperience will increase the chances of errors that can lead to penalties. Hence, outsourcing your VAT account and related tasks to an accounting firm offering VAT services, such as CoxHinkins, is wise.
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When Will Your Business Need to Register for VAT?
85,000 GBP; if that’s your business’s turnover, you must register with HM Revenue and Customs. Furthermore, you must collect the VAT on the products and services before filing quarterly returns with HMRC every three months; otherwise, there might be penalties.
Presently, 20% is the standard VAT rate charged on most goods and services. However, some goods and services, such as home energy, children’s car seats, and some protective items and services, are charged only 5% VAT. Furthermore, there is a zero rate on goods and services related to health, publishing, most food, and children’s clothes.
Why Trust CoxHinkins with Your VAT Return?
Dealing with VAT accounts is a daily affair for businesses and handling it requires specialists who have expertise in VAT and the UK’s tax laws. Rather than hiring them directly, you can avail their services through our VAT services, thus saving considerable resources and time.
Our VAT services will assist you in keeping your VAT compliant and error-free, thus avoiding penalties and reputational damage to your business. With CoxHinkins VAT services by your side, you can scale up your VAT processing and consider expanding your business to a new horizon.
Why Trust CoxHinkins with Your VAT Return?
As a business person, you must be wanting to devote all your time to making your business efficient and resilient. Still, other important tasks, such as filing VAT returns, cause a diversion of attention and resources. While we do not doubt its importance, a lack of expertise in your in-house team regarding VAT and tax systems in the UK can lead to unnecessary complications. Therefore, it is wise to outsource your VAT account to a service provider such as CoxHinkins. We provide specialised VAT services through our experienced and professional team of VAT accountants.
We offer services such as:
- Advice appropriate VAT schemes for your clients
- VAT registration
- Support for monthly bookkeeping for preparing VAT returns
- Preparing, reviewing, and filing Monthly/Quarterly VAT returns using MTD-compatible software
- Compatible Software
- Advising on payments and refunds from HMRC
- VAT deregistration, if required
- Filing of final VAT return
The reports we provide are as follows:
- VAT Summary
- VAT detail report
- Filed VAT return copies
With CoxHinkins, you are choosing a partner who understands the importance of managing your VAT account. Our dedicated team of VAT accountants is committed to providing comprehensive, flexible, and efficient VAT services that meet your needs.
How Can We Assist You with Our VAT Services?
Dealing with VAT accounts is a daily affair for businesses and handling it requires specialists who have expertise in VAT and the UK’s tax laws. Rather than hiring them directly, you can avail their services through our VAT services, thus saving considerable resources and time.
Our VAT services will assist you in keeping your VAT compliant and error-free, thus avoiding penalties and reputational damage to your business. With CoxHinkins VAT services by your side, you can scale up your VAT processing and consider expanding your business to a new horizon.
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We care about our clients and work hard to make their finances easier to manage. Whether it’s handling taxes, bookkeeping, or business advice, we’re here to help.
Frequently Asked Questions
You must pay the difference between the VAT you have paid to other businesses and the VAT you have charged to your customers. If you have charged VAT more than you have paid, you are required to pay the difference to HMRC. If you have paid less than you have charged, HMRC will repay the difference.
VAT-registered businesses can reclaim VAT on eligible expenses, provided they have valid VAT invoices.
VAT is applicable to all goods and services, from production to distribution. This VAT is included in the final price that the consumer pays.
Penalties can vary depending on how late the return is and the number of defaults. Interest may also be charged on unpaid VAT.
