VAT returns are often seen as complex and designed to baffle and confuse business owners rather than help them. Making a mistake can lead to costly errors or being selected by HMRC for a tax investigation.
Our accountants have a wealth of experience dealing with VAT returns and registration / deregistration. You can get proactive advice to ensure that your business complies with HMRC rules and avoids a visit from the taxman if a mistake is made.
Bradleys Accountants are based in Welling, and we cover the Borough of Bexley, Dartford and Canary Wharf. Call us today to discuss any aspect of business tax, on 020 8303 1287.
• Standard rate - 20%
• Reduced rate - 5%
• Zero rate - 0%
You must register with HMRC for VAT if your taxable turnover is more than £85,000
By registering for an appropriate accounting scheme, you can simplify your accounting and even improve your business cash flow.
Depending on the taxable turnover of your business, you may qualify for one of the following schemes; Flat Rate Scheme, Cash Accounting Scheme, or Annual Accounting Scheme. There are also various retail schemes, and sub-categories within these schemes. Each scheme has a threshold for registering and deregistering. If you are unsure about which accounting scheme you qualify for, give our team a call on 020 8303 1287.
|Accounting scheme||Threshold to join scheme||Threshold to leave scheme|
|Flat Rate Scheme||£150,000 or less||More than £230,000|
|Cash Accounting Scheme||£1.35 million or less||More than £1.6 million|
|Annual Accounting Scheme||£1.35 million or less||More than £1.6 million|