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VAT Services
What is VAT in UK
Implemented in 1973, VAT replaced the purchase tax regime in the United Kingdom. All goods and services produced in the United Kingdom are subject to VAT, which is imposed at every stage of the supply chain. Under the current regulations, businesses registered for VAT will have to charge and supply VAT on goods and services to HMRC. Any additional expenses are eligible for a claim.nmjhyqe4.
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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.
How Can We Assist You with Your VAT Returns?
Of course, we know that registering and keeping yourself VAT compliant is a challenge these days. While you would love to handle your VAT account by yourself via your in-house team, if your team is inexperienced in VAT accounting, they may be bound to make errors that can lead to penalties. Hence, it is wise to outsource your VAT account and related tasks to a VAT specialist accounting firm such as Cox Hinkins.
While doing VAT accounting, you must have completed multiple tasks, but none must have been as challenging as filing VAT returns.
Monthly VAT Returns
It can be challenging for your VAT-registered business to file monthly VAT returns even with an in-house team due to a lack of time and expertise. Hence, we can assist you in the preparation, review, and submission of VAT returns. Our main goal is to simplify and de-risk the VAT return process. This way, we can promote an ease of doing business and aid you indirectly in your business expansion.
Why Choose Our VAT Accountant?
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 Cox Hinkins. 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 Cox Hinkins, 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.
VAT Accountants for Business in the UK
Dealing with VAT accounts is a daily affair for businesses, big or small, requiring expertise in VAT and the UK’s tax laws. Hence, many have started employing an in-house team of VAT accountants to get the job done. While it’s a good option for big businesses, small businesses like yours cannot think of getting experienced VAT accountants unless you are willing to strain your budget.
Rather than building an in-house VAT accountant team, it will be wise to outsource this job to service providers that employ experienced and professional VAT accountants, such as Cox Hinkins.
