Austin & Co (Chartered) Accountants

     

Telephone : 07940 510 176

Email : info@austin-accountants.co.uk

 

 

 

 

 

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Austin & Co Accountants

Opening Hours
Mon - Thu 10:00am - 5:30pm
Fri - 10:00am - 4:30pm
Sat - By appointment only
 

 

 

 

 

 

 

 

 

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VAT PLANNING AND INVESTIGATION

We will take the worry out of dealing with H M Revenue and Customs on your behalf.

 



 

 

                                                               

Preparation and Submission of Quarterly VAT Return

 

Fixed Fees Based on level of turnover as below:

 

BAND A - SALES INCOME £0 – UP TO £100,000        - Fees  £120     
BAND B - SALES INCOME £100,000 – £250,000         - Fees  £250
BAND C - SALES INCOME £250,000 - £500,000          - Fees  £350 
BAND D - SALES INCOME £500,000 - £1m.                 - Fees  £450


When to register for UK VAT 

If you're unsure about whether to register for VAT, this guide will help to answer many of your questions. It explains when you must register and also when you can register voluntarily, and why you might benefit from voluntary registration.

Who can register for VAT

You can register for VAT if you're in business and you are one of these:

  • an individual
  • a partnership
  • a company
  • a club
  • an association
  • a charity
  • any other organisation or group of people acting together under a particular name, such as an educational or health institution, exhibition, conference, etc

For VAT purposes, the individual or organisation that is in business is known as a 'taxable person'.

Business Supplying of Goods in the UK, or intend to start.

Registration threshold

You may need to register for VAT, or you may be able to choose to register voluntarily, if you are doing any of the following kinds of business in the UK:

  • Supplying goods or services within the UK. If your turnover of VAT taxable goods and services supplied within the UK for the previous 12 months is more than the current registration threshold of £85,000, or you expect it to go over that figure in the next 30 days alone, you must register for VAT. See the section in this guide on calculating your VAT taxable turnover.
  •  
  • Taking over a VAT-registered business from someone else. You have to add your own VAT taxable turnover over the last 12 months (if any) to that of the business you're taking over. If the total goes over the registration threshold on the day of the takeover (currently £85,000), you'll have to register - but you can ask HMRC if they can make an exception and allow you not to register for VAT on this occasion. You will have to show HMRC that you expect the combined turnover in future to be below the de-registration threshold (currently £85,000) - for example, because you won't be opening for the same number of hours.
  •  
  • Receiving goods from other countries in the European Union (EU).If you have received goods from other EU countries in the UK (these are known as acquisitions) with a total value greater than £85,000 in the current year since 1 January, or you expect to acquire more than that value in the next 30 days alone, you must register for VAT.
  •  
  • Supplying goods or services from the UK to other countries. See the HMRC VAT section  on supplying goods or services from the UK to other countries.
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  • Supplying goods or services to the UK from other countries. See the HMRC VAT section in this guide on supplying goods or services to the UK from other countries.

VAT rates

There are different rates of VAT that apply to different types of goods and services. And there are some goods and services that are exempt from VAT.

At the moment there are three VAT rates:

  • standard rate – 20%
  • reduced rate - 5 per cent
  • zero rate - 0 per cent

The rates of VAT may change from time to time - the changes are usually announced in the Budget. So you'll need to check regularly to make sure you're using the correct VAT rates.

 

Deregistration threshold

The deregistration threshold is £83,000. If your VAT taxable turnover for the year is less than or equal to £83,000, or if you expect it to fall to £83,000 or less in the next 12 months, you can either:

  • stay registered for VAT
  • ask for your VAT registration to be cancelled

If you decide to stay registered, you don't have to do anything.

If you want to cancel your VAT registration you must write to HM Revenue & Customs (HMRC) to explain why your turnover has fallen. For example, you might have reduced your opening hours or lost contracts. You'll also have to give an estimate of your turnover for the next year.

Remember that your VAT taxable turnover includes only the goods and services you sell that you have to charge VAT on, even those that are zero-rated. It doesn't include sales that are exempt or outside the scope of VAT.