At N. Armes and Co., we provide VAT return services for clients in our home town of Ware and all parts of the surrounding Harlow, Hertford, Hoddesdon and Stevenage areas. Using the skills of our accredited chartered accountants, our own company can help your business in presenting accurate quarterly reporting based on VAT income and expenditure.
Any business in Ware, Harlow, Hertford, Hoddesdon or Stevenage has an obligation to register for VAT once it crosses the annual threshold for taxable sales. At present, in November of 2016, the current threshold is set at £83,000. You must register for VAT irrespective of whether you are a sole trader, a partnership or a limited company.
Registration for VAT is compulsory, and so is the periodic submission of VAT returns. Our accountants specialise in VAT return services. Once your company is VAT registered, it pays and collects VAT on all applicable transactions. Based on how much VAT you spend out on, and how much you collect in, a quarterly payment may be due to HMRC.
If you spend more on VAT than you collect, you will almost certainly be entitled to a VAT refund. Using chartered accountants for VAT return services can clear the murky waters of submissions, and our own accountants help a large number of existing clients in the Ware, Harlow, Hertford, Hoddesdon and Stevenage areas with their VAT returns each year.
Ahead of using our chartered accountants for VAT return services, clients need to ensure they are charging VAT (and reclaiming it) correctly. Any VAT you charge to your own customers is referred to as output VAT. Any VAT charged by your own suppliers is referred to as input VAT. In effect, VAT returns are based on the difference between the two.
However, things aren’t always that simple. Some businesses in Ware, Harlow, Hertford, Hoddesdon and Stevenage will be on the flat rate VAT scheme (an entire process in itself) so their VAT returns have to be handled differently. Sometimes, for all the confusion VAT causes, it’s best to leave your returns in the capable hands of our accountants.
Well make sure your submissions are always presented promptly and correctly, and this will ultimately stop you from incurring HMRC fines and penalties. Wherever possible, we’ll make sure any entitlements you have from being VAT registered are enforced so that you and your company only pay for what you genuinely owe – and never a penny more!