Bookkeeping and VAT returns
Bookkeeping and VAT returns
What truly sets our service apart is our tailored approach. We understand that each business has unique financial needs. Hence, we offer personalised consultations to comprehend your specific requirements, customising our bookkeeping and VAT services accordingly. Our aim isn’t just to manage records but also to provide insights and strategies that can optimise your financial performance.
The advantages of choosing Accountancy N Tax Services for Bookkeeping and VAT Returns are numerous. Firstly, it’s about precision and compliance. We ensure that your financial records and VAT returns are accurate and adhere to HMRC regulations, mitigating the risk of errors or discrepancies.
Additionally, our expertise often identifies opportunities for VAT savings or refunds that businesses might have overlooked, maximising their financial efficiency. By relieving the burden of meticulous record-keeping, we free up your time and resources, allowing you to focus on core business activities and growth initiatives.
Our commitment to professionalism and experience permeates every aspect of our service. From maintaining immaculate financial records to filing accurate VAT returns, our team operates with diligence and expertise, ensuring that your business’s financial management is in capable hands.
We also Specialise in VAT Margin Schemes
VAT margin schemes tax the difference between what you paid for an item and what you sold it for, rather than the full selling price.
You can choose to use a margin scheme when you sell:
- second-hand goods
- works of art
- collectors’ items
You cannot use a margin scheme for:
- any item you bought for which you were charged VAT
- precious metals
- investment gold
- precious stones
Please be aware that there are different rules if you’re selling:
- Second hand vehicles
- Horses and ponies
- Houseboats and caravans
- Items that have been pawned
- High volume, low price items, where the Global Accounting Scheme can be used instead
- If you buy and sell goods in Northern Ireland and the EU
The rate of VAT at 16.67% (one-sixth) on the difference.
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Our professionals are always available to assist you.
Frequently asked questions
We require physical paperwork, and we offer two options: we can collect documents from clients or they can drop them off at our offices. Additionally, we accept scanned bookkeeping documents via cloud services.
We prefer to receive paperwork on a monthly basis to ensure timely and consistent processing.
We employ a range of bookkeeping software including Sage, Xero, QuickBooks, and Microsoft Excel.
Upon identifying an error, we'll promptly get in touch, detail the mistake, and make the necessary adjustments to rectify the records accordingly.
If you're working with another bookkeeper, they may typically forward the paperwork at the year-end. While we can accommodate this arrangement, please note that handling your paperwork on a monthly basis with us tends to be more cost-efficient in the long run.
You are required to register if:
- Your total VAT taxable turnover in the last 12 months surpassed £85,000 (the VAT threshold).
- You anticipate that your turnover will exceed £85,000 in the upcoming 30 days.
- What if I surpass the VAT threshold within a 12-month period?
If your total VAT taxable turnover over the last 12 months exceeds £85,000 by the end of any month, registration is mandatory.
You must register within 30 days after surpassing the threshold. The effective registration date is the first day of the second month following the threshold crossing.
Should you realize that your annual total VAT taxable turnover will exceed the £85,000 threshold within the next 30 days, registration is required.
You must register by the end of that 30-day period. The effective registration date is the date of realization, not the date the turnover surpassed the threshold.
Registration is necessary if your sales solely consist of goods or services exempt from VAT or 'out of scope,' but you purchase goods exceeding £85,000 from EU VAT-registered suppliers for business use.
Registering late means you'll be liable to pay VAT on any sales made since the date you should have registered.
You must register if:
your total VAT taxable turnover for the last 12 months was over £85,000 (the VAT threshold)
you expect your turnover to go over £85,000 in the next 30 days
You must register if, by the end of any month, your total VAT taxable turnover for the last 12 months was over £85,000.
You have to register within 30 days of the end of the month when you went over the threshold. Your effective date of registration is the first day of the second month after you go over the thresho
You must register if you realise that your annual total VAT taxable turnover is going to go over the £85,000 threshold in the next 30 days.
You have to register by the end of that 30-day period. Your effective date of registration is the date you realised, not the date your turnover went over the threshold.
You’ll need to register if you only sell goods or services that are exempt from VAT or ‘out of scope’ but you buy goods for more than £85,000 from EU VAT-registered suppliers to use in your business.
If you register late, you must pay VAT on any sales you’ve made since the date you should have registered.
You might need to pay a penalty, depending on how much you owe and how late your registration is.