VAT Services

Our efficacious and cost-efficient VAT services include the following:
• A helping hand for VAT registration and VAT Returns preparation.
• Using the most appropriate plans of action for VAT planning and administration.
• Anticipating possible problems that may occur with Customs and Excise
• Planning to address possible problems or minimize their occurrence.
• Negotiations disputes with Customs and Excise and representation at VAT tribunals.

How Can We Help?
We can help businesses to ensure that all their transactions are complying with VAT regulations; they should not be paying any extra VAT than necessary.

• VAT advice and services
• VAT registration
• Net and gross of VAT
• VAT on overseas supplies
• Exempt supplies
• Making Tax Digital

VAT is one of the most difficult and complex areas relating to taxes that businesses even with suitable VAT-related knowledge and professionals at their disposal may overpay or underpay VAT which may cause the company severe financial penalties.

Vat Advice And Services
Care Accountancy can advise its clients on the following areas:

• Benefits and drawbacks of VAT scheme, registration, and suggesting a suitable option.
• Utilizing the Government reliefs and initiatives for small businesses
• VAT Accounting using suitable accounting software.
• Transnational transactions, both within and outside the EU.
• Using the services which are tax exempted or computed at 0%.
• VAT on land transactions and the option to tax commercial premises.
• VAT related to the disposal of a business.
• Whether or not to use the Flat Rate Scheme.

Vat Registration
VAT regulations suggest that the business whose turnover exceeds the VAT registration threshold must register itself for VAT. Intuitively, the business which is not hitting the VAT threshold is not required to register for VAT. However, such a business can register itself voluntarily. The benefit of this is that such a business can reclaim its VAT paid on the purchases but the drawback is that its customers are charged unnecessarily for VAT.

As mentioned above VAT registered businesses are not charged VAT instead their customers bear the tax. Even the VAT paid by such businesses on their purchases can be claimed back. Care Accountancy provides a helping hand in the VAT registration and also advises the due date for the registration to help you prevent any penalties on late registration. After the registration, the hassle remaining is to file the accurate VAT returns on time. It can help its clients to ensure that they do not overpay tax at the source. We can also help if inaccurate tax was charged at the source, to avoid any nasty surprises at the end of the tax year.

Vat On Overseas Supplies
Supplies of the services to foreign countries are outside the scope of VAT and businesses are not needed to charge VAT to these supplies. In case of purchases from any country outside the UK or purchase from E-commerce websites such as Amazon, when goods are imported, VAT is usually added to their purchase cost at the border. But if the importer is a VAT registered business it can claim the VAT back from HMRC.

Care Accountancy can help its clients to ensure that they do not overpay tax at source. We can also help if inaccurate tax was charged at the source, to avoid any nasty surprises at the end of the tax year.

Vat Exempt Supplies
The businesses which deal in VAT exempted goods or provide such services which are exempted from VAT are automatically exempted from the formalities of VAT registration and payment. Some examples of VAT exempted supplies are; Education and Training Services, Some medical treatments, Certain Financial Services, Insurance and Investments, and Sporting Activities. Such businesses which are exempted from VAT;

• Cannot add VAT to the selling price of their goods
• Cannot reclaim the VAT paid on purchases
• Don’t have to record VAT transactions
• Don’t require to submit VAT returns

Care Accountancy can help its clients to ensure that they do not overpay tax at source. We can also help if inaccurate tax was charged at the source, to avoid any nasty surprises at the end of the tax year.

Making Tax Digital
Making Tax Digital is an initiative by the HMRC to introduce technology in the process of taxation to reduce the chance of human errors and fraud. The VAT registered businesses are now required to record their VAT transactions digitally using HMRC’s recommended software and to file their VAT returns electronically.

For more information on Making Tax Digital, please click here to visit our page on MTD.
Care accountancy are specialists in handling VAT computations to share your administrative burden. Please contact us via our email [email protected] or give us a call at 0113 8870 218 to know more about our wide range of VAT services or to arrange an initial free meeting and we will be glad to provide you with further information as to how we can be of any assistance to you.
DISCLAIMER:

Please note that the contents of this page are applicable at the time of articulating this content. However, this may be subject to change from time to time. We take no responsibility to ensure that this information is correct and up-to-date at all points of time. We, therefore, encourage you to call us on 0113 8870 218
to have more information on this subject or email us at [email protected]