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VAT
What is VAT?
VAT (Value Added Tax) is a tax added to most products and services sold by VAT-registered businesses.
Businesses have to register for VAT if their VAT Taxable Turnover is more than £85,000. They can also choose to register if their turnover is less than £85,000.
Your responsibilities as a VAT-registered business
As a VAT-registered business you must:
Include VAT in the price of all goods and services at the correct rate.
Keep records of how much VAT you pay for things you buy for your business.
Account for VAT on any goods you import into the UK.
Report the amount of VAT you charged your customers and the amount of VAT you paid to other businesses by sending a VAT Return to HMRC - usually every 3 months.
Pay any VAT you owe to HMRC
The VAT you pay is usually the difference between any VAT you’ve paid to other businesses, and the VAT you’ve charged your customers.
How we can help
VAT Advice
VAT is a complex tax affecting businesses of all sizes and sectors. We can assist with the following:
Registration and deregistration.
Completion of VAT returns.
Advice on VAT planning and VAT mitigation.
Assistance with VAT disputes and negotiations with HMRC.
Advice on the VAT treatment of supplies, including partial exemption.
Provision of training on VAT matters.
Why choose LNS Accountancy for your VAT?
Our friendly team of VAT experts can advise on your individual circumstances and whether there might be any beneficial VAT schemes available to you.
We will ensure that your VAT Returns are filed on time, every time.
You’ll have peace of mind when working with us, as we’ll ensure your business complies with its VAT obligations.
Making Tax Digital is a Government initiative which has been put in place to support HMRC and its plan to digitise the tax system in the UK.
All VAT-registered business, are now required to keep digital records and submit VAT returns through compatible software.
We are a fully cloud based practice to ensure your MTD obligations are met.
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