Registration and VAT settlements
In the UK you are obligated to register your company to VAT or Value added tax if your turnover is more than £85,000 per year. Companies under the turnover of £85,000 per year are not obliged to register, but you can register voluntarily.
E&C Expert.Cont makes sure you pay the right amount of tax in compliance with HMRC’s Real-Time Reporting requirements and ensures you never miss a deadline.
•VAT registration or deregistration
•Bookkeeping analysis for VAT efficiency
•Submission of VAT returns
The most popular tax scheme are:
The Standard Rates the most commonly used scheme suited to a range of businesses across several industries. Companies using this scheme must submit the VAT Return once a quarter detailing their income and expenses tax. If the amount of VAT a business charges their customers is less than the amount of VAT they have been charged for goods and services then HMRC usually refunds the difference.
Flat Rate is often used by smaller businesses and sole traders due to their low outgoing expenses. Instead of calculating VAT on each transaction, you will pay a flat rate percentage of your turnover. To join the scheme your VAT turnover must be £150,000 or less, and you must apply to HMRC.