VAT

VAT is an extremely complicated tax and often results in an overpayment or underpayment of VAT, leading to potentially hefty penalties. The team at Emulous Accounting ensure that you do not fall foul of the regulations and do not overpay VAT.

There are a number of schemes that help reduce the compliance burden on small businesses, including the following.

Flat Rate Scheme

The flat rate scheme allows you to pay a fixed rate of VAT to HMRC which is lower than the standard rate of VAT currently 20%. The rate of VAT you pay is dependant on the business sector you are in and can vary anywhere between 9% to 16.5% The scheme, however, does not allow you to claim VAT back unless the purchases exceed £2,000.

Cash Accounting Scheme

Under the cash accounting scheme you simply pay VAT when your customer pays you the VAT amount. The scheme is open to businesses with a taxable turnover of £1.35 million or less.

Annual Accounting Scheme

Under the annual accounting scheme you pay VAT you simply submit a reduced number of VAT returns per an annum. The scheme is open to businesses with an annual turnover of £1.35 million or less.

At Emulous Accounting we can help you:

  • Register your company for VAT with HMRC.
  • Advise on which VAT scheme is best for you.
  • Calculate the VAT due or payable by the business.

Prepare and file VAT returns with approved HMRC software.

For more detailed information and to arrange a free consultation, please contact us.

Contact Us

13 Balmoral Road

Willesden Green

London

NW25DX

Company Number

11457978