Value Added Tax (VAT)

An accountant can help you to register for VAT. They can help you to ensure you charge the right amount of VAT to the right clients. And they can advise on streamlining your processes for doing your VAT returns, and remind you when your VAT is due

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Meeting your responsibilities as a VAT registered business

Some businesses in the UK are required by the government to add VAT (value added tax) to their goods and services. They then pay this to HMRC via their quarterly VAT returns. 

An accountant can support your business by streamlining your VAT workflow to give efficient, accurate processes.

Find out if you should register for UK VAT

Companies with a taxable turnover higher than the VAT threshold should register for VAT with HMRC. If your business fails to do so in a timely way, it could get fined by HMRC. An accountant can tell you if you need to register for VAT.

Some businesses below the VAT threshold will gain various advantages by registering voluntarily, and again, a savvy accountant (like NXA) can tell you whether you’ll gain by registering for VAT.

Deciding which VAT scheme to register for

The UK government offers various VAT schemes suitable for different types of business. If you’re unsure whether the standard scheme is right for you, your accountant can direct you.