VAT is applicable to all business with an annual turnover in excess of £64,000 and is usually paid on a quarterly basis to Customs and Revenue.
Whilst there are both benefits and drawbacks of becoming registered of VAT, in the majority of situations, the option whether or not to register does not exist due to the mandatory threshold.
Businesses can benefit greatly from being on the most appropriate VAT scheme, whether it is the cash accounting scheme or a marginal scheme, which could benefit the cash flow position.
Omega Accountancy has supervised the VAT registration for hundreds of businesses and then gone on to prepare returns as part of our bookkeeping services.
The orderly and efficient administration of the a business’ VAT scheme is often the result of a good bookkeeping and accounting system which produces accurate valued added tax information almost as a by-product with very little extra cost.
We are always happy to discuss your VAT required, from initial registration through to the administration and calculation of your returns.
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