VAT Accountant Taking A Closer Look at Value Added Tax (VAT)
VAT accountant, Spartan Accounting can help with all business VAT accounts and offers comprehensive VAT assistance. Value Added Tax (VAT) is one of the most complex tax laws in the UK. At Spartan Accounting Group, we understand that very well. Additionally, we know that dealing with VAT submissions can be a daunting and stressful event. However, with our expert VAT accounting services, we strive to take the stress out of all VAT-related responsibilities your business might have. This ranges from VAT registration to VAT returns and everything in between. Let Spartan Accounting Group assist you in better understanding VAT laws and requirements and ensure your VAT account is accurate. Our expert services ensure accurate VAT calculations, submissions that are filed on time and that we can help you out with VAT disputes.
VAT, in a nutshell, is the consumption tax that is placed on products, either at the production or retail point of sale. It is generally speaking up to the taxpayer to ensure that they are paying over the correct amount of VAT for goods. However, as a business, you also have a responsibility to ensure that your VAT is priced correctly. This is to ensure that no discrepancies arise when HM Revenue and Customs (HMRC) conducts an unexpected inspection. Should this happen to your business, HMRC will require that your business be VAT assessed to ensure that your HMRC tax account is compliant. Spartan Accounting Group can help your business get through a VAT assessment.
VAT Accountant Ensuring That The Correct VAT Is Being Applied
HMRC VAT accountants ensure your VAT account is up to date and accurate. VAT and its complex nature can be attributed to the various types of VAT rates and VAT thresholds. Spartan Accounting Group has been dealing with these complex natures of VAT for many years. In the UK, there are 4 different types of VAT rate brackets that a business can fall under. For the Reduced Rates bracket, which is 5%, goods or services include mobility aids for the elderly, fuel and power for homes or charities, as well as children’s booster seats. Furthermore, the Zero Rate bracket is applied to the majority of food, excluding restaurants, baby clothes, newspapers, books and prescriptions. Businesses that only sell zero-rated goods and services might not need to register for VAT, but are required to apply for exemption. Spartan Accounting Group can assist you with the application.
VAT will need to be paid at Standard Rates, should your business not fall into any of the other categories. The standard rate is an amount of 20% of all goods and services. Furthermore, the amount of tax claimed or paid over to HMRC will usually depend on the difference between the VAT a client has paid and the VAT paid upon the purchase of a product. However, Spartan Accounting Group can help your business to apply for the Flat Rate scheme, which allows you to pay a flat rate of VAT to HMRC. You can apply if your turnover is £150,000 or less (excluding VAT), and you must apply to HMRC.
VAT Accountant Offering Comprehensive VAT Services To Help Your Business
VAT accountant, Spartan Accounting Group can help your business stay on top of ever-changing VAT regulations. For instance, the VAT laws post-Brexit are different and you can opt to go the postponed VAT accounting route. This means that you will record import VAT on your VAT return, rather than paying it upon entry into the UK. Spartan Accounting Group also streamlines the process further by keeping track of your VAT account online. Our incredible cloud accounting software makes VAT planning, tracking, and submissions that much easier. Additionally, having an online VAT calculator at your disposal will ensure that you can track your figures whenever you need to.
VAT specialists accounting services in London are provided comprehensively and skillfully by Spartan Accounting Group. From VAT registration, VAT disputes, and submissions, through to niche services such as VAT reverse charge, we have the knowledge and experience to assist your business. Let us take the stress out of your VAT responsibilities. Our friendly team of expert accountants would love to work with you to get and keep your business VAT compliant. Schedule your free 30-minute business consultation with Spartan Accounting Group in London today to find out how we can help your business.
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