VAT

VAT and other indirect taxes affect businesses greatly and in today’s economic climate where competition is fierce and cash flow management is vital, effective management of both the risks and opportunities surrounding VAT is integral.

Pay less tax

Business owners are always looking for ways to pay less tax. We often find however, in a bid to save money, businesses will try to keep accounting services such as their VAT return in-house – typically to the detriment of saving money!

VAT is a complicated and frustrating tax to manage, with businesses unintentionally overpaying or underpaying VAT which is why you need an accountant who can comprehensively take control of this indirect tax.

Furthermore, businesses now face complex VAT systems, changes to case law and legislation meaning the need for a professional eye is a must. Our VAT service includes:

  • Advice on VAT planning and administration
  • Advice on VAT registration
  • Completion of VAT returns
  • Advice on the best VAT scheme for your business

Pragmatic and commercial VAT advice

One of the traps business owners fall into is the belief that you hit a button and out the other end pops a VAT return that means you’re compliant. However, it’s rarely that simple. For example, if you have a creditor who you have owed money to for more than 6 months, you have to repay the VAT through your VAT account.

Furthermore, business owners could be missing out on opportunities such as claiming VAT on things such as company cars and mileage. This may be only be the difference of 2 or 3%, however by completing a thorough tax return, businesses can take advantage of opportunities by claiming VAT on everything they are entitled to and are in a better position to manage risks.

Solid VAT processes can improve cash flow

The standard way to account for VAT is by paying it in and out based on your invoices. However, this may not always be the best procedure.

Trying an alternative VAT scheme such as the flat rate scheme or submitting your VAT returns monthly may be a better option for your business. We get under the skin of your business to maximise the opportunities available, improve cash flow and save you money in the process.

Looking for a cost-effective VAT service? Get in touch

For a simpler, faster and more cost-effective approach to all your concerns regarding VAT, please get in touch by filling out the form below and we’ll set up a friendly call with one of our accountants to discuss your requirements in more detail.