VAT Advice

VAT (Value Added Tax) and how this could impact your business

Did you know there are different ways to account for and pay VAT that could have a significant impact on both your profitability and your Cashflow?

The basic rule is that if your VAT- taxable sales exceed £70,000 in a year you need to register for and account for VAT. This is the VAT registration threshold. In addition, if you think you will reach the threshold in the next 30 days you need to take action.

Just like any area of tax, there are rules and regulations to follow and you need to get it right to avoid penalties.

There are also various VAT schemes that might be applicable to your business, so it makes sense to get advice on how best to structure your business so you comply with the law and pay the right amount of VAT. These are as follows:

For businesses approaching the threshold there’s another consideration too, especially if you are selling goods or services direct to the public. Once you have to account for VAT you either have to increase your prices or accept a lower profit margin. Or do you? If you are in this position, seek our advice.

Also see our page on VAT Services  

To discuss this further and how it could benefit you, please contact us.

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