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Businesses with an annual turnover of £85,000 and over must register for VAT with HMRC; this includes sole traders.
Registration can be completed by the business or sole trader online, and accountants can register on their behalf if they receive authorisation from the business or sole trader.
The business must retain VAT records for a minimum of six years, and returns are quarterly. However, HMRC allows companies to choose whether they’d prefer to register for either monthly or annual payments.Speak to our team
Making Tax Digital (MTD) is a government incentive to improve the effectiveness, accuracy and ease of paying taxes. Introduced in April 2019, VAT-registered businesses must sign up for MTD, which requires you to use compatible software.
If you require assistance finding the best software for you, our efficient accounting team is on hand to assist you.
You must select an approved software that carries out VAT calculations for your business while submitting your returns and keeping your records for as long as required.
The standard rate of VAT is 20%. The standard rate applies to various services and products, including consumer goods and business purchases.
VAT exemptions eligible for a zero-rating include antiques, magazines & newspapers, selected food and drink, and products or goods exported from the UK.
A rate of 5% VAT applies to a very specific set of products and services that include domestic fuel and power, child car seats, and the installation of energy-saving materials.
This list of products and services details non-standard VAT rates and exemptions.
You can reclaim either a proportion or the full VAT amount through your VAT return for goods and services you’ve purchased for your business or personal use. The amount of VAT you can claim back depends on a few factors, including how the product or service is used personally or for your business.
If you require assistance with analysing the use of your products and services, the professional team at TaxBite provide accounting solutions to assist with VAT returns. As a result, businesses often receive their VAT refunds within ten days of submission.
As a relatively complex area of VAT, our team is on hand to offer advice on property VAT schemes. Let us assist you with Options to Tax, VAT liability, and reverse charging.
Following VAT registration, companies and sole traders must charge their customers VAT on the sale of goods or services.
Every time a business or sole trader purchases services or goods, VAT can be deducted if the supplier charges it.
Each quarter (every three months), businesses or sole traders must transfer HMRC the difference via VAT returns. If a refund is due, this is also the time you can claim it back.
Contact us today for advice on value-added tax, trading, and bookkeeping services.
The accountants at TaxBite are experts in tax planning and advice, VAT services, and various accounting solutions, including bookkeeping for small and large businesses. We can help you understand the VAT process, save you time and resources, and complete VAT registration on behalf of your business. Contact us below.
Our focus is on providing honest and efficient services to clients in the North West and beyond. But, don’t just take our word for it; our website is host to a series of positive reviews. See what our clients have to say.
Our TaxBite accountants can register and submit your VAT return on behalf of your business. Our expert accounting team are waiting to provide services to your business, so contact us today.
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