VAT & MAKING VAT
If you are just starting out, we can help you to determine if VAT registration is required for your business. If you are thinking about voluntary registration, we can also review if it will save your business money and provide benefits for your business.
If you are a VAT registered business, you need to submit a VAT return to HMRC on either a monthly, quarterly or annual basis.
TAKE IT EASY FINANCIALS can help you with the preparation, review and submission of VAT returns, you can either email, share files using drop box or post the following information to us:
Sales invoices and records of other income
Supplier invoices, cash receipts or credit card receipts
Monthly payroll reports
Making Tax Digital (MTD) came into effect on 1 April 2019 and affects all VAT Registered businesses in the UK they maintain their accounting records.
From 1 April 2019 all businesses with a turnover above the VAT registration threshold will be required to:
Maintain their accounting records DIGITALLY in an accounting software package.
Submit their VAT Returns to HMRC online using compatible software
Businesses which do not maintain digital accounting records or submit their VAT Return to HMRC digitally will face financial penalties.
Software such as Xero, Quickbooks and Sage Business Cloud Accounts are MTD ready and use of these software packages will ensure that a business is MTD compliant.