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Ensuring your business is fully financially compliant is one of the fundamentals of becoming a profitable enterprise – and that includes taxing your products or services where you’re required. In 2011, VAT rates jumped from 17.5% up to 20% – and what this ultimately means for VAT registered businesses is that your prices are 20% higher. VAT can be charged in a number of areas, including on goods or services sold, as well as on commission and on the sale of business assets.
Put simply, by taking the necessary steps to become VAT registered, you can ensure your business is financially airtight. And for expert VAT accounting, you’ve come to the right place.
As with all tax systems, VAT can be difficult to wrap your head around and complicated to manage – but the most crucial thing for any SME is finding a plan that suits your company. There are a number of VAT schemes available, making it infinitely easier for businesses to find the system that works for them.
Wondering which VAT scheme is right for you? Here are your options:
To be eligible to charge 20% VAT on your products or services, you’ll need to register first. If your business’s VAT taxable turnover exceeds £81,000, it’s required – but you can also register on a voluntary basis. Many companies with a turnover below the threshold opt for VAT registration to claim back what they’re charged by other VAT registered companies – and being registered suggests to prospective customers and clients that you’re turning over more than £80k, projecting both size and security for your business.
There are a number of ways to kick off your VAT registration, and the process can be a lengthy one – with some particularly demanding administrative work involved. Before you can successfully register, you’ll need to establish whether you’re eligible and exactly what’s involved – then decide if this is a challenge you feel equipped to take on yourself or something you’d rather leave to the professionals.
At Insight Accountancy, we’re expert VAT accountants and we can guide you through the VAT schemes available to make sure your business finds its perfect fit.
Hiring a professional VAT accountant gives you peace of mind that your business’s finances are in capable hands – guaranteeing that your company is as profitable as possible, and 100% compliant every step of the way.
At Insight Accountancy, our skilled VAT accountants have the experience and the expertise to guide you through the VAT registration process, guaranteeing that your business is protected and profitable.