VAT Accountants

VAT Specialists for small businesses

Value Added Taxes and related sales taxes grow to be difficult; our VAT specialists have expertise with day-to-day VAT problems and those that are more sophisticated and high-risk. By law, VAT-registered businesses must file VAT returns, including complete and correct information on the VAT paid by customers and the VAT levied by suppliers. The VAT returns will also include the amount of VAT payable by a company or the amount refundable.
As VAT specialists, ATF Accountancy can advise you on VAT accounting, including how to pick and use an accounting system consistent with the Making Tax Digital (MTD) initiative of HMRC.

About VAT In UK

Most products and services offered by legally operating companies in the UK and certain goods and services acquired from outside are subject to VAT.

VAT is a very complex tax, and the rate increases and tougher penalty system adopted in recent times have increased the risks it poses to an all-time high. In addition to being a transaction-based tax, VAT also requires prompt responses to inquiries.

ATF Accountancy’s VAT professionals prioritise understanding enough about yours to predict possibilities and difficulties and move swiftly to provide a solution, allowing you to focus on your core competencies. We never lose sight of the essential parts of a VAT solution:

• It has to be practical.
• It must provide direction.
• Also, it should not create a new issue somewhere.

If you are afraid that you may neglect an opportunity or a possible danger, or if you have a specific VAT problem, our VAT professionals can assist you. Taking the effort to understand more about you and your company will help us identify areas where we may collaborate to improve your VAT efficiency.

Who Needs To Register For VAT?

Small businesses with sole proprietorships with annual revenue of at least £85,000 must register for VAT with HMRC. Businesses may register themselves online or delegate registration to their accountants.

HMRC allows companies to enrol for monthly and yearly payments and quarterly returns. So, you must maintain VAT records for a minimum of six years.

From the date of registration forward, you must:

• Charge the right amount of VAT from clients
• Record VAT paid to suppliers
• File VAT returns
• Settle any VAT owed to HMRC
• Maintain a VAT account and VAT records

VAT Compliance

VAT is a complicated tax, and HMRC warns fines for any blunders. Hence, let us assist you in navigating the complexity of the requirements. Likewise, we collaborate with you to ensure that you recognise the effect of VAT on your transactions, aiding you with:

• VAT registrations
• Help with exemption techniques or special VAT schemes
• Offering advice on the recordkeeping
• Calculating and submitting VAT computations and returns on your account.

Making Tax Digital For VAT

Since 1 April 2019, most VAT-registered firms generating over £85,000 have been required to enrol in Making Tax Digital (MTD). Making Tax Digital (MTD) is altering how companies in the United Kingdom handle their taxes. Now, VAT-registered firms must maintain documents and file their VAT reports electronically. Further, to do operations under MTD, suitable software is necessary. Also, there is a guide of authorised software on Gov.uk, and at ATF Accountancy, we can assist you in selecting the system that best fits your company and its operations. Approved software can automatically calculate your VAT, file your returns, and save your documents for as long as HMRC and your company need.

Outsource Your VAT Today With ATF Accountancy

Apparently, late VAT registration, inaccuracies, late VAT returns, and late VAT payments may result in fines and perhaps interest imposition. Therefore, letting us handle your VAT matters will not only provide you with peace of mind but also save you from spending your hard-earned money on interest and penalties.