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VAT Return

Do you need to register your business for VAT and if so, what need to be considered.

 

The quick answer is yes, if your business services, sales or supplies exceeds the minimum statutory registration limit than you need to register for VAT.

You can also register voluntarily with VAT even if your turnover is below the statutory threshold limit if there are requirements for that for doing your business.

 

This can be advantageous for you to register voluntarily if:

  • The most of your transactions, costs or purchases include VAT

 

  • You can claim back the VAT that you are paying on your purchases or cost if your sales and supplies are exempt, zero rated or less than the standard rated for VAT purpose.

 

There are number of Special Schemes introduces by the HMRC which can be considered for the options keeping in views each and independent circumstances of the business.

 

Cash flow is main concern of every business to help with this cash flow problem HMRC have created a number of Special Schemes. Few of them are:

  • Cash Accounting

  • Flat Rate Scheme

  • Annual Accounting

  • Special Schemes for Retailers

 

For details of above schemes or to discuss the needs or advice on VAT matters we  Accountant in Manchester are just a call away to help you. 

 

Whether you should use any of the special schemes above, or whether you should be registered for VAT or not, depends on your individual business circumstances.

If you are at all unsure how to proceed please call us now on 0161 224 3510 or fill out our contact us form and we will call you back as soon as possible.

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Process data & analysis for VAT return

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