Value Added Tax (VAT) can fill business owners with dread. When the business' turnover goes over £81,000, calculated on a rolling 12-month basis, it must register for VAT and charge VAT to its customers.
Acorn Accounting can help with the registration process, and advise on how to mitigate price rises to customers arising from the need to charge VAT.
For some businesses it might be beneficial to register voluntarily even if turnover is less than the registration threshold. These are generally businesses whose sales are zero-rated for VAT, or are charged at lower rate. We can assess whether your business will benefit.
Another consideration for VAT-registered businesses is whether to use one of the available schemes to calculate the VAT payable or to be reclaimed. Acorn Accounting will look at the alternatives suitable for your business and advise on the scheme that fits it best.
We can prepare your VAT return and file it with HM Revenue & Customs (a standard part of our bookkeeping services). If you do your own book-keeping we offer a VAT return review service which means we will check the VAT return and supporting records before you file it, or we can file it for you after the check.
To find out more about VAT and how we can help you, call us on 01592 769769.