VAT
Understand Accounting for VAT with Tax Driven
If you are starting or have recently started a business, we at Tax Driven Accountants can help you comply with the VAT regulations. As your trusted VAT accountant, we ensure you’re following the correct processes when accounting for VAT in your business. HMRC polices the VAT system, and breaches of the legislation are penalised severely. Ignorance is not an acceptable excuse for not complying with the rules.
VAT Inputs and Outputs
Any output VAT collected from your customers is required to be paid over to the HMRC.
Goods and services purchased by the business are known as input VAT, and at Tax Driven Accountants, we can help you differentiate between the two and assist you in paying HMRC an accurate sum.
Administrative Assistance With Tax Driven Accountants
Once registering for VAT, businesses must make a quarterly return to HMRC for each accounting period.
When filing your quarterly return, you’ll need to report both your output tax — the VAT you charge on your sales — and the input tax you can reclaim on purchases, along with other relevant business information. Our expert VAT accountants can guide you through the entire process and ensure everything is completed accurately.
We can also assist businesses that expect their annual taxable supplies to be £1,350,000 or less, as they may apply to join the Annual Accounting Scheme. Under this scheme, they will make monthly or quarterly VAT payments but only need to complete one VAT return at the end of the year.
Inspection of Records
Don’t get caught out by a control visit.
HMRC needs to be able to check that the correct amount of VAT is being paid, so a registered HMRC worker may need to inspect your records. This is known as a control visit. It is important that no errors are accounted for — whether you charge VAT, operate under specific VAT schemes, or claim a VAT exemption for certain goods or services. At Tax Driven Accountants, we can give you the necessary advice to ensure that your records are properly maintained and fully compliant.
How We Can Help
With the help of our VAT accountant, you don’t have to worry about failing to comply with VAT regulations.
We can help you in several ways to ensure that you comply with all VAT regulations. One way is to tailor your accounting systems to combine VAT information accurately. We will also guide you on how to ensure that your business is VAT efficient and that adequate finance is available to meet your VAT liability on time.
What's Involved
VAT return Completion
We can provide you with expert assistance to help complete your VAT returns.
HMRC Disagreements
Disagreements may arise when negotiating your VAT with HMRC. We will support you in these instances and help you reach a settlement.
Offences and Penalties
We want to ensure that all of our clients are protected, so we will do what we can to ensure that you are not penalised by filing your payments and returns on time and ensuring that all information is accurate.
FAQS
How do I know if I’m eligible for VAT schemes?
Our expert accountants will review your business and pinpoint exactly which schemes you may qualify for.
Do I need to keep digital records of my VAT?
You only need to keep a digital record for VAT purposes if your business is above the VAT threshold. This threshold is around £90,000.
Why might I be penalised?
You may be penalised for ignoring or incorrectly applying VAT regulations to your claim. You may also be penalised for late returns or payments and errors in your returns.
At Tax Driven Accountants, Our Priority is to Offer Fair Pricing and Deliver Fantastic Results For All Our Clients.
Experienced
Our enthusiastic staff has years of experience and knowledge. We’re here to provide excellent service and expert guidance every step of the way to ensure that you receive the best possible advice.
Trustworthy
We know how time-consuming running a business can be, so rest easy knowing that a team of expert accountants will keep your accounts and tax affairs in check.
Qualified
All of our staff are fully qualified experts in their field, so you can trust that you are receiving sound, educated advice that you can act on.
