VAT return service for business

The current threshold level for VAT registration is £60,000. If your company falls below the threshold you can register voluntarily, which means additional paperwork, however there are also advantages. Once registered you will have to charge VAT at the current rate of 17.5%, and then pass this on to HM Customs and Excise. In addition all purchases for goods and services, which have applicable VAT can be reclaimed from HM Customs and Excise, resulting in a reduction in the amount you pay usually on a quarterly basis.

HM Customs and Excise recognise that cashflow is very important to the small business (for turnover not more than £600,000), and you can apply the “Cash Accounting Scheme”. The scheme allows you to account for VAT on the basis of when payments are made to your suppliers and when you receive payment from your customers.

One of the major advantages to being registered for VAT as a small business is the increased credibility for your business. VAT registration is fairly straightforward, this can be done yourself by contacting HM Customs and Excise on 0845 010 9000 or through there website www.hmrc.gov.uk. If you don't have the time then Ledger Services can help you with this process the price for this service starts from just £250 depending on the complexity of your business.

Take the pressure off and use our flexible VAT return service allowing your own staff to focus on their day to day tasks.