VAT Accounting Return and Making Tax Digital
Do I need to be VAT registered?
If you have Vatable Sales and your income is over the VAT threashold, Yes.
Are there any advantages of being Vat registered?
Amazing yes, if you customers are VAT regisitered themselves then you are missing out on reclaiming the VAT on your purchases.
How do I set up my VAT account?
Before you set up your VAT account I recommend taking professional advise. They are flat rate, margin and monthly payment schemes, annual returns, cash accountings. All have advantages and disadvantages. We would set up the VAT account for our clients
However if. you want to set one up yourself please client on the HMRC Vat link below.
What do I have to do after I am registered for VAT
HMRC requests that all VAT registered businesses file a VAT Accounting return every three months.
Start by ensuring you have a separate Business Bank Account
Use your Business Bank Account for your Business Expenses
Use your Personal Bank for any other items.
Let J27 Accountants set up your VAT accounting Software and attach your Business Bank Account and your Dext receipt scanning App.
Thats it !!! you have an easy VAT Accounting system to run your Business
How much does it cost for VAT returns?
We charge from £59. For our full fees please visit our fees pages.
How can we help you with your VAT registration?
VAT Accounting Return Service has changed in the last two years due to the introduction of Making Tax Digital.
Now it is not possible to manually complete VAT accounting Returns.
We have therefore introduced three very simple tools (all free) to obtain customer information without too much disturbance to our clients.
The Receipt Bank (now Dext ) App, allows you to snap your receipts with your mobile phone and forward them via the cloud to your VAT Accounting Software
Quickfile App is your VAT accounting software and allows you to view all your income and expenses, reports, and VAT Returns.
Bank Feeds allows all your bank transaction information to be copied to your VAT accounting software.
These tools s are provided FREE by J27 Accountants and regular training is held IF you want to get the best from them.
All-together they ensure a trouble-free experience and comply with VAT Accounting Returns and Making Tax Digital requirements
Of course, the most important task we complete is regular reviews of your expenses to ensure all expenses incurred by your business are included in your accounts. This way all the VAT is reclaimed and the expenses reduce your tax bill.
Also included in the review is to ensure you need to be VAT registered, wether a VAT scheme would be more profitable, and if annual VAT with be less labour intensive and much better for your Cash Flow. We have a lot of services to offer.
Annual VAT Saving Review
- Including all tax-deductible expenses
- Your company set up
- New Legislation
- Check Data
Automatic Receipt Capture
- Reminders to invoice, pay, email, etc
- Auto bank update
- Recurring invoices
- Direct Debit receipts
- Auto letters and emails
Tax Investigation Pre Audit
- Advice to avoid Tax Investigation
- We will give you feedback on your accounts if we believe the information has missing data.
- Back up support
Quarterly VAT Returns
- Automatic Reminder
- Bank reconciliation
- Ensure all receipts are included
- Vat Advice & Support
- Vat Transmission once authorised
Mustapic & Jamison Tatoos
My business partner and I have been with Jones' accountants for over a year now and have found their service to be very good. Dinah is very approachable and doesn't mind answering any of my questions at any time. She's great for explaining any tax and vat requirements I might not understand and keeps us aware of any HMRC updates that will effect our business. I would definitely recommend Jones' accountants to other businesses.
l've used Jones Accountants for a couple of my businesses over the years and I've always found Dinah and the team to be knowledgeable, friendly and approachable. This has helped me to grow my businesses.
I have used Jones Accountants for a few years and found them to be very friendly, efficient and approachable. I wouldn't hesitate to recommend them.