Overview of VAT
Businesses or sole traders must register for VAT once their taxable turnover exceeds the VAT registration threshold.
The threshold is exceeded if your turnover exceeds £85,000 in a 12 month period or if you expect your turnover to exceed £85,000 in the next 30 days.
You might also need to register in some other cases, depending on the kinds of goods or services you sell and where you sell them.
Businesses below the VAT registration threshold may also choose to voluntarily register.
Returns can be submitted monthly, quarterly or annually and at various rates of VAT.
How MJH can help
MJH Accountants can assist with your VAT registration and even complete the registration for you, whilst also advising you on which VAT scheme would be best for you and your business.
Once you are VAT registered, the process of calculating and submitting your VAT returns can be a complicated and technical process, one in which the team at MJH are well experienced in. We currently prepare over 100 VAT returns each quarter for a range of businesses, including those conducting trade overseas.
Group VAT registrations and returns can be a complicated and technical area, however, they enable companies within a group to file a single return for all members of the VAT group and therefore reduce the number of submissions needed to HMRC. It can also be an effective way of reducing VAT liabilities as VAT is not charged on intra-group trading. MJH will oversee and assist with both the registration of the group and its companies along with the preparation and submission of the group return.
Allowing MJH to deal with the administrative burden of VAT returns frees up your time to be spent on other areas of the business.