VAT Accountants in Leigh by Aspire Accounts Ltd
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Tax Reclaim: Reclaim VAT paid on business expenses, reducing your overall tax liability. Professional Image: VAT registration can enhance your credibility and professionalism, particularly if dealing with other VAT-registered businesses.
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VAT Registration
Registering for VAT
Registering for VAT (Value Added Tax) is an exciting step for businesses. Here’s what you need to know:
Why Register?
Legal Requirement: If your taxable turnover exceeds the VAT threshold, it’s mandatory to register for VAT with HMRC.
Tax Compliance: Registration ensures you comply with VAT regulations and collect the appropriate tax on your sales.
When to Register
Threshold Exceeded: Register for VAT if your taxable turnover exceeds the current VAT threshold, which is £90,000 in a 12-month period.
Voluntary Registration: Even if your turnover is below the threshold, you can choose to register voluntarily, which may be beneficial for your business.
Requirements
Business Information: Provide details about your business activities, turnover, and expected future sales when registering for VAT.
VAT Scheme: Choose the most suitable VAT scheme for your business, such as standard, flat rate, or cash accounting.
Benefits
Tax Reclaim: Reclaim VAT paid on business expenses, reducing your overall tax liability.
Professional Image: VAT registration can enhance your credibility and professionalism, particularly if dealing with other VAT-registered businesses.
Conclusion
Registering for VAT is a significant step for businesses, ensuring compliance with tax regulations and unlocking potential benefits. If you’re approaching the VAT threshold or want to explore voluntary registration, contact us today to discuss your options and start the registration process.
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How we can help you
We provide a range of services, but always what fits you best, not what fits us best financially.
Bookkeeping
Aspire Accounts are certified Xero partners so we'll make sure all of your transactions are managed online so that you can comply with the Making Tax Digital activity required by HMRC.
Tax Returns
There’s no getting away from these, we all have to complete them in one form or another, but the stress and headaches needn’t be yours.
Management Information
Every month, we’ll send you a detailed report for you to keep track of where your business is making money or areas that need attention.
Forecasting & Budgeting
We wouldn’t really be a “value-add” to your business if we didn’t spend time with you analysing your position, giving you guidance on keeping on track, collating your goals and achievements and assisting if you need to present a case to investors or financial institutions in order to grow.
External Meeting Support
Meeting with the bank manager or negotiating terms with new suppliers can be tricky. We’ll accompany you to the meetings and ask the questions that need to be asked if you’re not sure or you forget to.
Payroll
You just tell us what hours or salary values to pay in agreed timescales, if they differ regularly, then leave it all to us. We can even provide the staff with logins so that they can access their payslips electronically, so you don’t have to get involved in printing them and sending them.
HMRC Support
We’ll take that headache away and are more than happy to speak to our trusted contacts at HMRC on your behalf. Remember, we’re a team!
VAT
Any business that has a turnover of more than £85k per year has to be registered for VAT which means a whole new set of rules, regulations and paperwork to contend with.
Aspire Accounts Ltd
98 Bolton Road,
Atherton,
M46 9JY
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