We can help you stop worrying over your VAT returns
VAT Advice, Planning and Disputes
Businesses or professional activities are obliged to register for VAT once their turnover exceeds certain limits. If you’re just starting out, we can help you decide whether you need to be VAT registered from the outset or not. We will continue to monitor your situation, and we will deal with all of the paperwork for you if it becomes necessary for you to register for VAT. We also keep an eye on all of our ‘small business’ clients in case they would benefit from deregistering.
As with other areas of Tax, we can act as your Agent for VAT purposes and therefore correspond with H M Revenue & Customs on your behalf. From 2012 all VAT registered businesses had to submit VAT returns online and VAT due is paid electronically. Being registered for VAT does have some advantages because VAT paid on expenses can be recovered from HMRC each quarter.
It is essential that VAT returns are prepared in good time to ensure compliance with all statutory requirements. Late VAT registration, errors, late returns and late payments can all lead to penalties and possibly interest being charged. So allowing Shaikh & Co to take care of your VAT affairs, not only gives you peace of mind, but it should also avoid you spending your hard-earned cash on interest and penalties. We can also offer advice and help with contentious disputes that arise with HMRC.
International and European Community trade
For clients who trade in the EC, we can assist with the preparation of Intrastat filings and EC sales lists. We can ensure that you have the correct disclosures on your sales invoices and can provide advice on invoicing in foreign currency. If you deal with imports/exports, it is important that certain evidence is obtained. H M Revenue & Customs are very specific about the forms of evidence which are required to support export sales.
Some VAT schemes can lead to tax savings and a reduction in bookkeeping responsibilities, therefore we will also look at the VAT schemes you are eligible for and establish which one is best suited to you. Traditionally, VAT is accounted for on an invoice basis. Depending on your cash flow and business model you may find it more beneficial to use cash accounting. Alternatively, have you considered the flat rate scheme? Many small businesses with minimal VATable expenses benefit greatly from this scheme. It is good to know that even for clients who prepare their VAT return themselves, we are always available to answer your queries.
VAT can be a minefield for any business and it is a complex area where the legislation regularly changes. If you miscalculate and underpay VAT, the resultant catch-up payments will be a direct cost to your business. There may also be fines and interest. Let us take that worry off your hands.