VAT
Value Added Tax is a tax which is charged on most goods and services provided by VAT registered businesses in the UK. If your turnover in a 12 month period is likely to exceed £85,000 (current limit set by Inland Revenue), you MUST register for VAT. You will then need to charge VAT on *all goods/services you provide (if taxable - see Inland Revenue website for a list of taxable supplies), and you will be able to claim back any UK VAT that you have been charged on your business expenses.
Once registered you will need to complete a VAT return every quarter to determine how much VAT you owe to HMRC. If your output tax (VAT charged to your clients) exceeds your input tax (VAT you have paid on your purchases), then you will need to pay the difference to HMRC. If your input tax exceeds your output tax then HMRC will make a payment to you.
Misan Assistance would be happy to help you register for standard VAT accounting, but we will also assess your business to see if there are any other VAT schemes which may be better for you (and your cash flow!). We can also assist you in the completion of your VAT return each quarter, ensure that you are passing VAT on correctly to your clients, and help with any other issues or queries you may have going forward.
If your turnover does not exceed £85,000 then you do not need to register for VAT. However in some circumstances it may suit your business to be registered, and we would be happy to look at this with you.
Please give us a call for your FREE initial consultation (up to 1 hour)
*unless you provide goods/services to overseas clients. We can help with this to!
Value Added Tax is a tax which is charged on most goods and services provided by VAT registered businesses in the UK. If your turnover in a 12 month period is likely to exceed £85,000 (current limit set by Inland Revenue), you MUST register for VAT. You will then need to charge VAT on *all goods/services you provide (if taxable - see Inland Revenue website for a list of taxable supplies), and you will be able to claim back any UK VAT that you have been charged on your business expenses.
Once registered you will need to complete a VAT return every quarter to determine how much VAT you owe to HMRC. If your output tax (VAT charged to your clients) exceeds your input tax (VAT you have paid on your purchases), then you will need to pay the difference to HMRC. If your input tax exceeds your output tax then HMRC will make a payment to you.
Misan Assistance would be happy to help you register for standard VAT accounting, but we will also assess your business to see if there are any other VAT schemes which may be better for you (and your cash flow!). We can also assist you in the completion of your VAT return each quarter, ensure that you are passing VAT on correctly to your clients, and help with any other issues or queries you may have going forward.
If your turnover does not exceed £85,000 then you do not need to register for VAT. However in some circumstances it may suit your business to be registered, and we would be happy to look at this with you.
Please give us a call for your FREE initial consultation (up to 1 hour)
*unless you provide goods/services to overseas clients. We can help with this to!