Value Added Tax (VAT) is a tax borne by the end customer. If you are in business and have taxable supplies of £77k or more per annum then you will need to be registered with HMRC for VAT. You effectively become an unpaid collector of taxes.
Maintaining a VAT accounting system can be time consuming and for the inexperienced, there are potential risks involved from filing late returns to reclaiming VAT on purchases than cannot be reclaimed.
We can assist you in meeting your obligations to HMRC and can advise you on the different schemes that are available to businesses when accounting for VAT. As each business is different the various schemes may not be applicable.
iC Accountancy can also act on your behalf with respect to other indirect taxes including Stamp Duty Land Tax (SDLT) and Air Passenger Duty (APD)
For a no obligation discussion about your VAT requirements, please contact us.
To check a supplier VAT reference is valid, click here
Existing clients: if you wish to submit financial records for your quarterly return, please log in to your secure iC account here.Contact iC Today