Vat Returns
We bring you the best possible solutions for your company.
VAT Tax Preparation
Regarding bookkeeping, VAT can be among its most intimidating aspects. And what makes it intimidating is that it can often be quite complex, especially when we talk about import/export businesses. Unfortunately, VAT returns are also subject to many mistakes if not done correctly.
There may be any number of VAT schemes that can be beneficial for your business, but we’ve got you covered; our VAT accountant in Slough will provide the necessary guidance on which VAT schemes are best (and most profitable) for your business in addition to preparing and submitting your VAT returns. Should any disputes arise due to whatever reason, we will correspond with HMRC and attend VAT inspections where required.
VAT schemes to consider are:
Standard rate 20%
The amount of VAT a business pays or claims back from HM Revenue and Customs is usually the difference between the VAT charged by the company to customers and the VAT the business pays on their purchases.
VAT schemes
Flat rates
- you pay a fixed rate of VAT to HMRC
- you keep the difference between what you charge your customers and pay to HMRC
- you cannot reclaim the VAT on your purchases – except for certain capital assets over £2,000
Marginal rate
VAT margin schemes tax the difference between what you paid for an item and what you sold it for rather than the total selling price. You pay VAT at 16.67% (one-sixth) on the difference.
VAT for builders
VAT for most work on houses and flats by builders and similar trades like plumbers, plasterers, and carpenters is charged at the standard rate of 20% – but there are some exceptions, such as zero rates and reduced rates.
Retail VAT Scheme for specific trades and supermarkets.
