Filing for VAT registration is a reasonably easy process. Complete the online form, submit it, and you get a VAT number, details of registration and date the first payment is due. While you are waiting for a VAT number, you can still collect VAT on purchases and sales. Giving you a headache? Let us be your pain relief, call us now on 01702 474 882 and get your VAT situation sorted once and for all.
Simply add the current appropriate VAT rate to all sales of goods and services and put the VAT collected in a VAT account. A few days prior to the date the VAT is due to be paid, simply collect your purchase receipts and invoices together (since the last VAT payment, usually every 3 months ) and add together the VAT and call it VAT out. Total all the VAT you collected during that period and label the total VAT in. Subtract VAT out from VAT in and the difference is paid to HMRC. Simple isn't it? This should leave you a little left over in the VAT account which can be used by the business or accumulated for next time.
How many businesses actually run like that? Not many, if any. VAT payments become a recurring nightmare for some. For others, being the government's tax collector is a time consuming necessity, . You can avoid all this, by outsourcing to Alan Kitson and Company Limited on 01702 474882, and we will get it all sorted for you. So pick up the phone now and dial 01702 474 882.
Submitting VAT return
So you have calculated your VAT for the 3 month period and know the amount to be paid. Now login to your VAT online account (set up when you completed your VAT registration). Enter the totals of purchases and sales and the form will auto calculate your VAT, which should be almost (if not exactly as you calculated the VAT amount). If there are differences (and big differences are what we are talking about here), then it is time to discuss this with an accountant, such as Alan Kitson and Company Limited. Or may be you would like us to sort out your quarterly VAT payments and queries for you anyway. Either way call us on 01702 474882 and have only the VAT you owe paid on time, every time.
VAT refunds and payments
On completion of the form and submission to HMRC, there is the next step of actually paying the VAT. If you feel you have overpaid to HMRC, you have more work to prove the overpayment before getting a VAT refund. If you have done this before, you will know what a headache that can be. So accurate calculations which include all your income and expenditure, helps enormously. Of course there may be some instances where you need to pay a little more due to missing invoices etc., but if this were left to Alan Kitson and Company you would not have these headaches. Call them now on 01702 474882 and get the great VAT headache cured.
VAT in a Nutshell
That is VAT in a nutshell. While it looks simple to do, it can be a major headache.
And the type of business that you run can impact on VAT requirements. Requirements such as VAT on:
- Rental services
- Goods and services
- Providing flowers
- Training services
- Consultancy services
- Catering services
- Courier services
- Service charges
- Postal services
- Education services
- Commercial building sales
- Funeral services
- Professional services
- Recovery services
- Imported goods
These are just a few of the business areas that may not be mainstream in terms of VAT. This aside from the use of fuels such as gas and electricity.
Many business owners are happy to outsource this headache. Isn't time you did too? Let Alan Kitson and Company Limited act as your VAT agent, leaving you more time for business.
There is a lot more information here or LET US get it ALL RESOLVED for you.
Telephone 01702 474882 or use the contact form NOW!