If your turnover is more than £82,000 (2015/16) then you are required to register for VAT.  You will then have to submit a VAT return to HMRC, usually every quarter.

However even if you are not required to register it can sometimes be advantageous to register voluntarily.  For example if your customers are VAT registered it’s irrelevant to them if you charge VAT (as they claim it back) but it then allows you to claim back the VAT on your expenses.

Deciding whether to register can be confusing but don’t worry we can talk you through it and make sure you receive the best advice based on your individual circumstances.

If you use a bookkeeping software package you more than likely have the ability to submit your VAT returns electronically yourself.

VAT can be complex so many clients choose to outsource to us especially if you want to take advantage of VAT schemes or things like Fuel Scale Charges (call us for more info!)

When we complete your VAT returns we don’t just take the figures from your bookkeeping software and submit them to HMRC.  We start by reviewing your bookkeeping because inaccuracies mean the VAT return could be incorrect.

We pay attention to your business expenses ensuring you pay the correct amount and we review your circumstances to see if we can make any recommendations.

These recommendations range from advising you to de-register or perhaps suggesting that cash accounting could be appropriate.

This thorough process vastly reduces the risk of errors keeping the VAT man happy and giving you peace of mind.

Another benefit of asking us to do your VAT returns is that we’ll act on your behalf should the HMRC decide to investigate your returns.

HMRC can launch an investigation through random selection or because the figures don’t look right.  They are conducting investigations more frequently but hopefully we can half the chance of you being inspected just by being sure they are correct. 

Our basic price is £15 per month however we may charge a bit more if you have lots of transactions or are particularly complex.  All fees are agreed in advance before any work takes place.

Help & Advice

Articles from our blog written by Jessica Brooks

What’s an Accountant for?

What’s an Accountant for?

Why does anyone need an accountant?  

How do they help me?  

What do they do anyway?

Here’s my answers to those questions:

Keeping you Legal.  We help you do your financial administration so you file everything you need to, on time, every time.

Saving Tax.  We help you save tax by making sure you do things in a way that incurs as little tax as possible.

Understanding your taxes.  Helping you understand how you are taxed, so you can plan for it.

Knowing your numbers.  Helping you understand your business by interpreting the numbers for you, so you can make decisions based on fact not just intuition.

Making you rich.  Helping you put a plan together so you can get your personal finances in order and meet your financial goals.

Budgeting and forecasting.  Planning for the future, so you can arrange your finances effectively.

Support.  Your accountant is probably one of the few people you can talk to with complete honesty about your business.  He knows the facts, so there is no need to show off or for false modesty.  

If you need any help with these, you know where we are.

Jess Brooks

Who are your best customers?

The Pareto principle or the 80–20 rule says that, for many events, roughly 80% of the effects come from 20% of the causes.  So how might this affect you in your business?  I’d suggest that it can be profound.  If you can identify which of your clients or customers are: 

  • The 20% who produce 80% of your profits.
  • The 20% who produce 80% of your complaints and hassle. 
  • The 20% of your products that produce 80% of your profit.
  • The 20% of your sales staff that produce 80% of the sales. 
  • The 20% of your marketing that produces 80% of the results.

Then you can make decisions that will drive your profits to super success.  Of course it can be hard work analysing who are the
best and worst customers, staff or suppliers. Having identified them you can exit the troublesome ones and get to work replicating your best areas.  

The clock is ticking... just 25 days to submit your tax return.

As the adverts say ‘tax doesn’t have to be taxing’. 

In fact if your affairs aren’t that complex it could take as little as 30 minutes to complete the online form BUT you need to be registered for online filing AND you need to have all the necessary paperwork in front of you. 

And deciding which information you need is one of the parts our clients have most difficulty with. 

We are always happy to answer quick questions, even if you're not a client. So if you're feeling stressed then pick up the phone.