When it comes to VAT, a few missed deadlines can land you in an expensive situation with HMRC. Get it right, and it can help your business grow and aid cash flow.
Allow Jameco Group to take care of your VAT returns and bookkeeping to save time and be confident of meeting your obligations.
Welcome to Jameco Group, specialist VAT accountants in Kent
At Jameco, we know VAT inside-out, which is a huge weight off our client’s shoulders. From the moment your business needs to register, we can take on the administration, ensuring that you have a good understanding of your new legal obligations.
From there on in, we’ll take care of your quarterly VAT return, on time and in accordance with Making Tax Digital. If you also choose our bookkeeping services, this will make the process even more streamlined and may well throw up tax-saving opportunities.
If that sounds like it would make your life easier, why struggle alone? Our fixed monthly fees are affordable and transparent and could prove to be a valuable investment. Please get in touch to find out more and book a consultation.
What are VAT returns?
VAT, or Value Added Tax, is a tax added to goods and services in the UK. As a business owner, you need to register for VAT once you meet the turnover threshold of £85,000 and file a VAT return with HMRC, usually four times a year.
A VAT return declares your VAT position to HMRC, resulting in either a bill or a refund.
How is my VAT liability calculated?
To generate your VAT calculations, you need to compare the amount you’ve collected on sales to the amount you’ve paid on purchases.
If you’ve collected more than you’ve paid out on expenses, you’ll need to pay the difference to HMRC. Conversely, if you’ve paid more than you’ve collected, HMRC will refund you the difference.
Note: This calculation could change if you’re using different VAT schemes, such as the flat rate VAT scheme.
Our VAT accounting services
Looking for expert VAT accounts services in Kent? Look no further than the experienced accountants at Jameco.
We offer a range of services to help you manage your VAT responsibilities, including VAT registration, bookkeeping, and filing your VAT return. We can also provide advice on different VAT schemes.
Our VAT specialists have a deep understanding of the complex VAT law, Making Tax Digital and can handle any VAT issues that should arise. We can provide tailored solutions to meet the needs of your business alongside your annual company accounts.
Why choose Jameco Group as your VAT accountant?
Our tried and trusted VAT process will allow your firm to run as smoothly as possible.
In an ideal scenario, we’ll take bookkeeping off your hands and see the process right through to the submission of your VAT returns.
This will allow us to ensure no stone is left unturned and achieve maximum tax efficiency for your company.
In addition to filing your VAT returns, we can implement tax planning strategies to minimise your overall tax liability.
Jameco Group has been built on trust, talent and results. Over 50% of our clients have been referred to us, which we think speaks volumes.
Add to that our experience, personal approach and cost-effective accounting packages, and that is what makes Jameco Group a great choice to aid your VAT-registered business.
Contact us today to talk VAT and to arrange a consultation.
Do I need to be VAT registered as a sole trader?
Regardless of your trading structure, the UK VAT threshold currently sits at £85,000 turnover. If your rolling 12-month income is higher than this figure or you expect it to breach this limit in the next 30 days, you’ll need to register, file VAT returns and stay up to date with VAT payments.
Why would a business voluntarily register for VAT?
There are actually some pretty sound benefits of registering voluntarily for VAT. For example, you can claim back VAT on your expenses, including some that you purchased prior to registration (4 years for capital purchases and 6 months for service-based purchases), saving you serious money.
Plus, being registered for VAT can make your firm appear more professional and established.
Not to mention the cash flow benefits. If you imagine you’re receiving the 20% tax on sales when your customer makes the purchase, you haven’t got to pass this on to HMRC until the due date, which could be 3 months away. These funds can help you bridge the gap if you find your cash flow in a sticky situation.