VAT is probably the most complex tax, yet business owners often mistake it for the simplest. Costly errors can be replicated year after year before being discovered. Let us bring our expertise and look after your VAT returns as a part of our bookkeeping service.
We know that VAT is a complex and often misunderstood part of the tax system. It’s also one that’s vital to crack for any sharp business owner.
As a general rule, you’re required to submit a VAT return once every three months. This can quickly become a time-consuming task given the administrative work it demands. The point is, you don’t want to be scrambling about calculating what’s due when you could spend time pushing your business forward.
More importantly, do you feel you have adequate knowledge of all the aspects of VAT to manage this yourself?
We understand that VAT compliance checks by HMRC can be a daunting prospect for taxpayers. As your trusted partner, we ensure you’re well-prepared for any VAT compliance review.
Our team conducts thorough reviews of your VAT records, transactions, and reporting practices to identify potential issues before they become problems. We provide expert guidance on maintaining accurate VAT records, understanding VAT rules, and responding to HMRC queries effectively.
The good news is, if we’re doing your bookkeeping, we’ll automatically look after your VAT returns for you. If we’re not, then we can provide a VAT checking and submission service to pick up any obvious errors or a full VAT audit to thoroughly check all aspects.
We’ll also make sure to come to you with opportunities to make VAT savings when we spot them—we don’t believe in making clients do all the running.
Not only do we provide ongoing support for your everyday VAT needs but also we take a hands-on approach to identify the best tax solutions for you. Here’s what our services include:
Naturally, you want to work with an accountant who understands your world. We’ve got you covered.
In the construction industry, managing VAT returns is crucial for compliance with HMRC regulations. Whether you’re a contractor or subcontractor, navigating VAT rules can be complex. At BBK Accounts, we specialise in VAT return services for construction businesses, ensuring accurate VAT reporting and timely submissions. We assist in identifying VAT liabilities and reclaiming VAT on eligible expenses, optimising cash flow and compliance. Our expert team understands the unique VAT rules applicable to construction services, including the complexities of domestic reverse charge VAT. Partner with BBK Accounts to streamline your VAT processes and ensure compliance with HMRC requirements.
Landlords managing residential or commercial properties may have VAT obligations, especially if they’re involved in property development or rental management services subject to VAT. At BBK Accounts, we provide comprehensive VAT return services for landlords, ensuring all VAT liabilities and recoverable amounts are accurately calculated and reported. Whether you’re opting to tax commercial properties or managing VAT on service charges, our team navigates the complexities of property-related VAT rules to maximise tax efficiency and compliance. Trust BBK Accounts to handle your VAT returns seamlessly, allowing you to focus on managing your property portfolio effectively.
For professional services businesses, managing VAT returns is essential for maintaining compliance and optimising tax efficiency. Whether you’re a consultant, IT service provider, or marketing agency, understanding VAT rules and reclaiming VAT on expenses is crucial. BBK Accounts specialises in VAT return services tailored to professional services sectors, ensuring accurate VAT reporting and timely submissions. We help identify VAT liabilities, claim eligible input VAT, and advise on VAT schemes that best suit your business needs, such as the Flat Rate Scheme. Partner with BBK Accounts to streamline your VAT processes and ensure compliance with HMRC regulations, allowing you to focus on delivering exceptional services to your clients.
With BBK Accounts, you’ll always be in control. Here’s why:
We use the latest software to ensure compliance with HMRC’s MTD rules, simplifying your VAT processes. This helps us optimise your VAT submissions with precision and ease. No more worrying about whether you’re meeting the latest digital requirements.
The VAT landscape is always changing, either because of Government policy or tribunal decisions. Our VAT accounting team prides itself on keeping up to date with every rule change and piece of legislation so that you don’t have to. Have a question? Shoot!
At BBK Accounts, we provide advice on dealing with complex VAT issues and will always give clear, direct answers to your VAT-related questions. No call centres or faceless customer service. Our friendly expert team is there for you to talk to when you need help.
With BBK Accounts by your side, you can navigate VAT compliance checks confidently, knowing that your VAT affairs are in order and compliant with HMRC requirements. If you receive a compliance check notification then don’t delay…get in touch today!
Since working with BBK Accounts, we’ve seen a marked improvement in how we manage project costs and keep a closer eye on expenses, ensuring we stay within budget, which has had a direct impact on our bottom line. What I appreciate most is their personalised service—they genuinely understand the unique challenges of the construction industry and are invested in our success.
I've been with BBK for three years, and I couldn't be happier with their service. Their receipt scanning app makes managing my accounts a breeze, and I always know my tax liabilities well before payment is due. It really takes the hassle out of accounting!
I have ben using BBK for many years now and have been really impressed with Jenny and the whole team. Happy to answer simple and more complicated questions and really reasonable prices too! Highly recommended.
She (Jenny) was looking after my accounts for several years before I joined the partnership. I am now going back to her to get the excellent personalised service I had from her.
This (the UK tax system) really is all quite confusing to me. I am so pleased BBK is there to guide me through this.
Filing my personal tax returns used to be a daunting task, but BBK Accounts has made it so much easier. They handle all the details and ensure that everything is filed correctly and on time, saving me both time and worry.
Any business registered for VAT in the UK must submit a VAT return. This includes businesses whose taxable turnover exceeds the VAT threshold, currently at £90,000. Businesses that voluntarily register for VAT must also submit returns, even if their turnover is below this threshold.
Yes, keeping records supporting the figures entered in your VAT return is essential. This includes invoices, receipts, and other relevant documents. These records must be kept for at least six years in case HM Revenue and Customs (HMRC) requests to see them as part of a compliance check.
You can generally reclaim VAT on purchases made for your business. However, there are exceptions for items used for personal and business purposes (you can only reclaim the business portion) and items explicitly excluded from VAT reclaim, like entertainment expenses. Ask us for guidance.
Yes, you still need to submit a VAT return if your business is VAT-registered, regardless of whether it is making a profit or a loss. VAT is calculated on sales and purchases, not on profit.
You cannot claim VAT on entertainment expenses, goods and services used for personal purposes, certain business gifts, and goods sold to you under one of the VAT second-hand margin schemes. Also, VAT cannot be reclaimed on purchases that do not include a VAT charge, such as those from non-VAT registered businesses within the UK or most purchases made outside the UK.
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