Leading VAT Accountants Providing VAT Services for Your Business
Value Added Tax or VAT is a complex tax affecting businesses in the UK and is a type of consumption tax placed on a product whenever the value is added either at a stage of production or at the point of retail sale. Clear House Accountants, with their experience and qualifications, prepare VAT reporting and submit VAT returns for your business on your behalf. If you’re looking for a perfect mix of efficient accounting software, tax experts, and business advisors then look no further as Clear House Accountants provide comprehensive VAT service packages to cater to your every VAT need.
Leading VAT Accountants Providing VAT Services for Your Business
Value Added Tax or VAT is a complex tax affecting businesses in the UK and is a type of consumption tax placed on a product whenever the value is added either at a stage of production or at the point of retail sale. Clear House Accountants, with their experience and qualifications, prepare VAT reporting and submit VAT returns for your business on your behalf. If you’re looking for a perfect mix of efficient accounting software, tax experts, and business advisors then look no further as Clear House Accountants provide comprehensive VAT service packages to cater to your every VAT need.
Proven VAT Accounting Services Provider
We have a proven track record, our award-winning performance is proof in itself.
It reaffirms that we deliver high quality solutions, have strict data and privacy protection policies, hundreds of free resources and money-saving services.
Accounting Excellence Award
Clear House Accountants have been ranked among the Top 5 ‘Fast Track Firms’ for the prestigious accounting award by ‘Accounting Excellence ’
The British Business Award
Clear House Accountants were proud to be shortlisted for the Accounting and Tax Advisor of the Year award by The British Business Association for two consecutive years
Digital Accountancy Award
Clear House Accountants have been shortlisted as one of the Top Ten Leading Digital Accountants by the Digital Accountancy Awards for Quality & Performance
What is VAT, & How Your Business can be Charged for VAT?
Value Added Tax (VAT) is the tax you must pay when buying goods or services. If your business has a turnover higher than £85,000, then it needs to register for and collect VAT at source on its products/services before filing quarterly returns with HMRC every three months – otherwise, there might be penalties!
In the United Kingdom, VAT is generally charged at 20% on goods and services 5% on some health, energy, heating, and protective items and services. There is no VAT applied to a variety of goods and services relating to health, construction, publishing, or children’s clothing.
Excluded transactions and services are numerous (for example, stamp issues financial and property transactions). Instead, businesses charge VAT based on what they sell and how much money they make.
The VAT Registration Number for Your Business
The government of the UK gives a unique nine-digit registration number for your business which usually starts with GB.
You will only be assigned a VAT registration number if your business is registered for VAT, and you can easily find it on your registration certificate. The certificate also outlines when your first VAT return is due and when your business passed the registration threshold.
How to Find the Deadline for Your VAT Payments
If you don’t have any idea about your VAT Return and the deadline for the VAT payments, then you can do this by signing into the Government gateway. You can then access your VAT online account.
Your VAT online account will let you know about the due date for your VAT returns and when you must clear the payment to HMRC’s account. It is noteworthy that the date of submission and payment is usually the same and are after almost one calendar month and seven days after your accounting period ends. For instance, your VAT accounting period ends on May 31, then July 7 would be your submission and payment deadline.
Online VAT Calculator
To calculate your VAT online, visit HMRC’s website to find out when you must make your current accounting period’s VAT payment. You will not be able to use this calculator if you pay on account or utilize the annual accounting plan. Send your VAT return and keep digital records using an approved accounting software provider.
How Does VAT Work?
VAT reporting is required on a monthly, quarterly, or annual basis by your firm. The return summarizes the VAT received on sales and the VAT spent on purchases during that time period. You pay HMRC the difference if the collected amount is greater than the VAT spent. HMRC will reimburse any difference if the VAT incurred was greater
Pay Your Bill
Only direct debit or internet banking is accepted by HMRC. They do not accept cheques. If you’re having trouble making payments, contact them right away.
Online VAT Calculator
To calculate your VAT online, visit HMRC’s website to find out when you must make your current accounting period’s VAT payment. You will not be able to use this calculator if you pay on account or utilize the annual accounting plan. Send your VAT return and keep digital records using an approved accounting software provider.
How Does VAT Work?
VAT reporting is required on a monthly, quarterly, or annual basis by your firm. The return summarizes the VAT received on sales and the VAT spent on purchases during that time period. You pay HMRC the difference if the collected amount is greater than the VAT spent. HMRC will reimburse any difference if the VAT incurred was greater
Pay Your Bill
Only direct debit or internet banking is accepted by HMRC. They do not accept cheques. If you’re having trouble making payments, contact them right away.
How Clear House Accountants can Help You With Your VAT Returns?
Clear House Accountants, as a VAT specialist accounting firm in the UK, ensures that its clients are well informed about all.
Monthly VAT Returns
VAT returns can be challenging for a VAT registered business, and Clear House Accountants can help with the preparation, review and submission of complex or straightforward VAT returns. Returns can be submitted under a variety of schemes and with varying frequencies.
Our service will make sure to take out the hassle, complications and risks from your VAT return process.
All the VAT registered companies are required to file a periodic VAT return. VAT returns calculate how much VAT is to be paid to or reimbursed by HMRC. VAT returns are submitted every three months, known as the ‘accounting period’. In that period, all taxable transactions which took place are reported, and any VAT liability or refund is calculated.
Monthly VAT Returns
VAT returns can be challenging for a VAT registered business, and Clear House Accountants can help with the preparation, review and submission of complex or straightforward VAT returns. Returns can be submitted under a variety of schemes and with varying frequencies.
Our service will make sure to take out the hassle, complications and risks from your VAT return process.
All the VAT registered companies are required to file a periodic VAT return. VAT returns calculate how much VAT is to be paid to or reimbursed by HMRC. VAT returns are submitted every three months, known as the ‘accounting period’. In that period, all taxable transactions which took place are reported, and any VAT liability or refund is calculated.
VAT Advice
Clear House provides VAT health check services for your business which is designed to find issues before the VATman does. We just made it easier for you.
Clear House helps you avoid any penalties for inaccurate mistakes. An opportunity for you to identify your risks by reviewing your current process, practices, and procedures. Availing a Health check service is to demonstrate to HMRC that you take care when considering VAT. Clear House guides you throughout the process to ensure all the necessary steps are taken care of
The VAT Health check will include the following:
- Review and sample check your records
- Sample test the most common errors
- Statistically analyses VAT returns
- Sample check the completion of VAT returns
- Compare your VAT returns against your annual accounts
- Check the VAT treatment of your sales
- Analysing your business against relevant VAT schemes
- Ensure you are correctly applying the rules of VAT schemes
- VAT planning opportunities
VAT Planning
Clear House takes the best advantage of the reliefs available and the interpretation of the regulations. We understand how intense investigations of the VATman can be.
Compliance with VAT is becoming ever more complex, all the more important that you have an accountant who is successful in negotiations with them. This is an extremely important feature of the service provided as it ensures peace of mind for all our clients.
We can help you with VAT in the following ways
- Applying for advice on VAT registration
- Advice on the VAT schemes suitable to your business
- Completing VAT returns – either from your books or we can do the bookkeeping for you. By letting us complete your VAT return, it ensures that it will be accurate and that you don’t miss any opportunities to claim the VAT you should
- Dealing with VAT control visits
- Dealing with any contentious disputes that arise with Customs
VAT Planning
Clear House takes the best advantage of the reliefs available and the interpretation of the regulations. We understand how intense investigations of the VATman can be.
Compliance with VAT is becoming ever more complex, all the more important that you have an accountant who is successful in negotiations with them. This is an extremely important feature of the service provided as it ensures peace of mind for all our clients.
We can help you with VAT in the following ways
- Applying for advice on VAT registration
- Advice on the VAT schemes suitable to your business
- Completing VAT returns – either from your books or we can do the bookkeeping for you. By letting us complete your VAT return, it ensures that it will be accurate and that you don’t miss any opportunities to claim the VAT you should
- Dealing with VAT control visits
- Dealing with any contentious disputes that arise with Customs
VAT Registration
Clear House Accountants can help you determine if VAT registration is required for your business. We understand how tiring the registration procedure can be; therefore, we can register you for VAT with HMRC. We will carry out all the checks and make sure you are registered quickly. If you are thinking about voluntary registration, we can also review if it will save your business money or provide benefits in the long term for growth.
Your VAT registration and review will be done by us while addressing all your concerns and covering all key checks. Clear House will also assess if you need to be registered under a specific VAT scheme or if a scheme is beneficial to your situation. Our VAT registration is a sign of trust between clients and vendors, which increases credibility. Being VAT registered through Clear House Accountants can help businesses save over-heads by claiming back paid VAT, which can be injected into other operations.
Our services:
- VAT registration forms
- VAT schemes suitable for your business
- VAT Returns and training
- VAT planning
- Dealing with any contentious disputes
- Attendance at VAT inspections
Get Your Business Ready for MTD for VAT!
Making Tax Digital (MTD) revolutionises how UK firms do their taxes. VAT-registered companies must now maintain records and digitally submit their VAT returns, which is required under the MTD program.
We use Xero and QuickBooks, both certified by the Association of Chartered Certified Accountants (ACCA) and MTD approved.
We’ll file your VAT returns for you and provide VAT guidance and support as soon as you need it.
VAT Accountants for Ecommerce Businesses in the UK
Over the last 18 months, ecommerce firms have seen enormous revenue increases, which has prompted the EU to establish the “EU VAT Ecommerce Package” to make VAT reporting simpler for individual sellers and shift VAT liabilities onto marketplaces.
The 2021 VAT eCommerce package, which includes a “One Stop Shop” (OSS) and “Import One Stop Shop” (IOSS), is designed to make it easier for B2C European sellers to calculate how much VAT they have to pay. As a result of these improvements, IOSS makes it easier for vendors, who offer imported goods, to be VAT compliant.
Clear House Accountants, with its team of expert accountants for eCommerce businesses, is helping eCommerce businesses in the UK with their VAT calculation and VAT filings.
Why Choose Clear House Accountants as Your Next VAT Accountants?
Clear House Accountants have a deep understanding of VAT and the tax system in the UK. Our team is highly qualified and experienced, working with some of the world’s most renowned software providers.
Choosing the proper VAT plan may make or break your company. Defining your products and services, as well as your anticipated earnings, can assist you in determining which tax plan is ideal for your business. We’ll assist you through the registration procedure, advise you on whether or not it’s time to change your plan, and keep you up to date on VAT law changes once you’ve chosen an appropriate one.
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Our accounting firm, Clear House Accountants, has years of experience assisting clients in being compliant and identifying potential risks. We’ll work with you to ensure that your business is both productive and profitable. We will reduce your liabilities and compliance risks by ensuring that all phases of VAT transactions are captured correctly, as well as all month-end activities.
Which VAT Scheme Would be Better for Your Business?
Flat Rate Scheme
The VAT Flat Rate Scheme was established to ensure that businesses pay the same amount of VAT without having to complete as much paperwork as other VAT systems.
The amount you pay to HMRC is based on the classification of your business and how much you charge your clients. You keep the difference between what you charge and what you pay HMRC, with the exception of certain capital assets valued at £2,000 or more.
To learn more about the Flat VAT rate for your business industry download the Complete list of flat rates for different business industries.
Standard VAT Accounting Scheme
The standard VAT accounting method means that financial transactions are recorded as they occur, regardless of when the payment is made. This has the potential to cause cash flow problems for your company because you must pay VAT to HMRC for services or products sold before you receive payment for them. However, you may claim the VAT on the invoice that you have received, resulting in a positive impact on your cash flow, if you haven’t paid for goods bought.
Standard VAT Accounting Scheme
The standard VAT accounting method means that financial transactions are recorded as they occur, regardless of when the payment is made. This has the potential to cause cash flow problems for your company because you must pay VAT to HMRC for services or products sold before you receive payment for them. However, you may claim the VAT on the invoice that you have received, resulting in a positive impact on your cash flow, if you haven’t paid for goods bought.
VAT Cash Accounting Scheme
Typically, the difference between your sales and purchase invoices is the amount of VAT you pay HMRC (HM Revenue and Customs). You must report these figures and pay any money to HMRC even if the bills have not been paid. You pay VAT on your sales when your clients pay you, and you may reclaim VAT on your purchases after paying your supplier under the Cash Accounting System. Your VAT taxable turnover must be £1.35 million or less to join the program.
FAQ’s
If you are VAT registered, your income and expenses are likely to be shown as “net” of VAT, meaning any VAT paid/collected is not included in the profit and loss account. The profit and loss account also only includes ‘revenue’ transactions that are directly connected to the company’s commercial activity.
You usually file a VAT Return to HM Revenue and Customs ( HMRC ) every three months. This is referred to as your ‘accounting period.’ The VAT Return keeps track of your overall sales and purchases for the accounting period.
The most frequently used quarterly VAT return dates are
1st January – 31st March.
1st April – 30th June.
1st July – 30th September.
1st October – 31st December.
You’ll need a VAT number and an online account. You may submit your VAT Return through HMRC’s free online service or commercial accounting software. However, if you’ve registered for ‘Making Tax Digital for VAT,’ you can’t use your internet account to send your return. You can also ask for professional assistance from specialist VAT accountants.
If your VAT period expires on 31 March, you must pay the VAT liability by 7 May. If your firm has registered for direct debit payments to be taken three days after the VAT abandonment deadline.
You can update your VAT registration details from quarterly to monthly by logging in to your VAT online services account and changing your ‘registration details’. Alternatively, fill out form VAT484 and submit it via post to HMRC.
If you file an incorrect VAT return or pay a debt to HMRC late, you will be placed on a 12-month ‘surcharge period.’ If you submit any further late returns or make additional late payments during this time, you will be penalized, and the surcharge period will be extended for another year.
You can usually reclaim VAT on purchases you made up to four years before you registered for VAT and services you purchased up to six months before, as long as the following conditions are met: You bought the products or services while acting as the entity that is now registered for VAT.