Where do you start with VAT!
VAT is one of the most complex taxes that you’ll ever have to deal with. But if that wasn’t bad enough, constant changes to UK legislation added to the unknowns of Brexit make this area even more daunting to the average business.
If you run a VAT-registered business, you act as an unpaid tax collector, and you’ll need to account accurately as well as promptly for the taxes that you collect. Do it incorrectly and you could receive a hefty fine from HMRC. Ignorance is not an acceptable excuse for not complying with the rules.
What's more, deadlines are tight under the standard VAT scheme, with businesses having around only five weeks to collate its VAT information together and submit it to HMRC.
If you’re looking to do your VAT returns in Liverpool VAT specialists MJF Accountancy can help. We are specialist value added tax accountants in Liverpool and we can help you with the following:
- To tailor your accounting systems by bringing together VAT information both quickly and accurately.
- By ensuring your business has enough funds to pay your VAT bill when the time comes.
- Helping to complete VAT returns.
- Talking to HMRC on your behalf should any disagreements arise and helping to reach any settlements.
- Giving advice on the VAT schemes that might be available to you.
These schemes include:
- Annual accounting. This aims to help businesses by reducing the number of VAT returns from four to one a year. This aids with budgeting and cash flow and reduces paperwork.
- Debt relief scheme. This means that businesses that have engaged in transactions but have not yet received payment to get a refund of the VAT by reference to the outstanding amount.
- Cash accounting. This allows businesses to pay VAT once the cash has been received and paid as opposed to the standard VAT Accounting Scheme under which VAT is recorded on the date of receipt of a VAT invoice regardless of whether the payment has been made.
- Flat rate. Under this scheme a fixed percentage is placed on the turnover of a company.
Therefore the company pays a set amount rather than VAT on every sale or purchase that is made.
VAT is a complex business, and if you are looking for someone to take care of your VAT returns Liverpool VAT specialists accountants MJF Accountancy can take the sting out of everything tax related. If you are starting or have recently started a business and are looking for value added tax accountants in Liverpool or the Merseyside area, then please contact us.