VAT Return Services In London
Dealing with Value Added Taxation (VAT) is one of the most stressing elements of accountancy that you are likely to encounter while running your business. The laws governing VAT often seem confusing and legislation updates will definitely add to the headache.
Your business will be required to carry out VAT returns if its turnover surpasses £85,000, as defined by the UK government. If you have exceeded this amount in the past 12 months or believe you are likely to do so in the next 30 day period, it is high time to become a VAT-registered business voluntarily.
To you, the process may not be as easy as it seems, but you can shove all your worries aside. At Ross & partners, we are committed to offering the relevant VAT return services, conveniently tailored for you.
VAT Return Services
For your business, you will be required to choose a scheme that suits you best so that you are registered for VAT in a way that is convenient to your finances. There are three main options that most businesses opt for:
This scheme ensures that VAT is accounted for when a transaction occurs, rather than when a payment is made or received. This provides you with a clear picture of your finances and allows you to plan using current cash flow and expenses.
VAT is accounted for when a payment is made or received. This is best suited to businesses that need to wait on payments as VAT will only be paid at that point.
Flat rate scheme
A percentage of your turnover is paid as VAT, depending on the type of business you run. If you are a small business with an annual turnover of £150,000 or less, this prevents you from having to record every transaction.
Our proficient team of finance experts starts by assessing your financial situation to identify the right option for you. We guide you through the process of becoming VAT registered by offering the following services;
Bookkeeping is at the heart of accounting. Recording all financial transactions in a business is one of the main tasks of a bookkeeper. We assist you to organize all your business transaction records, including bank statements, supplier invoices, and payrolls. With organized transactions, it is easier for us to compile your VAT returns for you.
When it comes to the complex process of filing VAT returns, this service uses your in-house records to compile all your VAT returns and ensures everything is in order. At Ross & partners, we deal with the preparation of VAT returns on behalf of clients and online submission to Her Majesty’s Revenue & Customs (HMRC) ensuring all deadlines for submission are met. This service allows your business to fulfil statutory obligations and ensure penalties are not levied by HMRC for a late submission.
VAT Return Training
The years of expertise in VAT Returns accounting in our team means we can provide you with the very best training for your staff. This will prove especially useful if you would like to manage your own VAT return. We offer advice on how to remain fully compliant while ensuring that you are not paying more tax than you should.
VAT Tax Dispute Assistance
Getting into a dispute with HMRC can be daunting. An HMRC tax dispute can occur if HMRC conducts a tax investigation and concludes there was wrongdoing on the part of the taxpayer. In this case, it is usually stressful if you don’t have the right guidance and representation to solve the dispute.
At Ross & Partners, we pride ourselves on years of helping businesses, sole traders and organizations come to an effective resolution with their tax disputes. Regardless of the intensity of the tax dispute, you can count on us to come through and provide you with the much-needed clarity.
The UK government recommends that HMRC give you a 7 days’ notice before they do a VAT Tax control visit. We also help you to be adequately readied for this by organizing and preparing the required documentation so that you are not caught unawares.
Why Choose Us?
With our experience-laden team, we aim to provide you with the best possible knowledge and advice eliminating the stress over VAT and allowing you to concentrate on running your business.
No matter how much guidance or assistance you need, we will adjust to your requirements, even if you need us to entirely take care of VAT on your behalf.
Ross & Partners
The Barn House, 38 Meadow Way, Ruislip, HA4 8SY