VAT Accountants
VAT affects all businesses, and understanding what to pay and when can be complex. Our team of VAT accountants at McKellar Accountancy is here to ensure you navigate all the intricacies of VAT regulations and guide you through the process with ease.
Not all accountancy firms approach tax matters from the perspective of business owners or explore efficient ways to extract funds from a business for your benefit.
At McKellar Accountancy, we take a unique approach. Our skilled team of VAT accountants collaborates with you to grasp your objectives thoroughly, offering tailored tax planning solutions to maximise profits available for distribution.
We pride ourselves on staying abreast of the latest developments and legislation, ensuring that McKellar Accountancy remains at the forefront of our field.
Who needs to pay VAT?
Currently, businesses with a taxable turnover of over £90,000 in a 12 month rolling period must register for VAT. This includes both Sole Traders and Limited Companies. However, if your turnover is under £150,000, there are VAT Scheme options available to you.
VAT Return Deadline in the UK
Key Deadline
- Submission and Payment Due Date: VAT returns and payments are due one calendar month and seven days after the end of your VAT accounting period. For instance, if your period ends on 31st March, the deadline is 7th May.
Why Timeliness Matters
Submitting and paying on time avoids penalties and interest charges from HMRC.
Steps to Comply
- Log in: Access your HMRC VAT online account or compatible software.
- Complete: Fill out the VAT return form accurately.
- Submit: Send the form online.
- Pay: Use Direct Debit, Faster Payments, Bacs, CHAPS, or debit/corporate credit card. Ensure payments clear by the due date.
Need Help?
For more info, visit the HMRC VAT returns guidance or contact us for expert assistance.
VAT Schemes
Choosing the right VAT scheme is crucial for managing your business’s finances efficiently. The UK offers several VAT schemes tailored to different business needs. Here’s a brief overview of the Standard VAT Scheme, Flat Rate Scheme, and Annual Accounting Scheme to help you determine which might be best for your business:
Standard VAT Scheme:
- Calculates and reports VAT on each sale and purchase separately.
- Typically submits quarterly returns; annual option available.
- Can reclaim VAT on purchases.
Flat Rate Scheme:
- Applies a fixed percentage to turnover instead of individual transactions.
- Charges standard VAT but pays HMRC a lower flat rate.
- Simplifies accounting, suited for businesses with low expenses.
- Cannot generally reclaim VAT on purchases, except for certain capital assets.
Standard VAT Scheme:
- Calculates and reports VAT on each sale and purchase separately.
- Typically submits quarterly returns; annual option available.
- Can reclaim VAT on purchases.
Making Tax Digital for VAT
Streamline VAT Compliance with Digital Tools
Making Tax Digital (MTD) for VAT requires businesses above the VAT threshold to keep digital records and submit VAT returns using compatible software. At [Your Company Name], we use Xero and Dext to make this process easy and efficient.
Our Digital Tools
Xero: Manage your finances with this cloud-based accounting software. Track income, automate invoicing, and maintain accurate records.
Dext: Simplify digital record keeping by capturing and categorizing receipts, invoices, and financial documents automatically.
Benefits
- Easy Compliance: Meet MTD requirements effortlessly.
- Real-Time Access: View up-to-date financial information anytime.
- Increased Efficiency: Automate tasks and reduce errors.
- Secure Storage: Keep your data safe and backed up.
Our Support
- Setup and Training: Get started with expert guidance.
- Ongoing Assistance: Continuous support to optimize software use.
- Full Service: From bookkeeping to VAT submissions, we handle it all.
Get Started
Simplify your VAT compliance today. Contact us to learn more.
VAT Accountant – Do I need one?
VAT can be very confusing for many different reasons. There are different VAT rates for different sales, services and purchases. Some are also exempt, whilst others aren’t. Trying to figure it all out and getting your VAT return correct can be very stressful and dangerous to get wrong. As submitting an incorrect VAT return can result in serious fines from HMRC along with other issues.
Why worry about all this when you can get in touch with McKellar Accountancy. Our experienced team can ensure that you are getting the most out of VAT with our staff experts ready to answer your queries and easy to use software to help you stay in control!
We provide a tailored experience to all clients, with help and support for all clients, regardless of your experience.
Don’t hesitate to get in contact today!
