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VAT Services from Beach Accountants
Beach Accountants offer the following VAT services:
Value Added Tax, or VAT, is a tax that applies to most business transactions involving the transfer of goods or services.
When to Register for VAT
Depending on the VAT scheme you use, a VAT Return must be completed quarterly or annually for the HMRC. The amount payable to HMRC, is the difference between the VAT on your Sales and the VAT on your Purchases.
The VAT Return and payment must be made within 1 month with quarterly VAT Returns and you have 2 months for an Annual VAT Return.
Types of VAT
With this scheme, VAT is accounted for on the basis of invoices issued and received.
The Cash Accounting Scheme
Under this scheme, VAT is accounted for on the basis of payments you receive and make, rather than on invoices you issue and receive
The Annual Accounting Scheme
There is a requirement to make monthly or quarterly installments during the year under this scheme, which are based on an estimate of your total annual VAT bill and at the end of the year you submit a single Annual Return pay or refund the difference.
The Flat Rate Scheme
This scheme allows you calculate your VAT payment as a flat rate percentage of your turnover. The percentages are decided according to the trade sector. The first year in business being VAT registered, you can benefit from a one per cent reduction in the flat rate.
For further information or advice contact Beach Accountants.
Tel: 0191 427 7773 | Fax: 0191 427
7774 | Email: email@example.com
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