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If you run a service-based business in Twickenham, managing VAT can be a complex task. Whether you’re charging VAT on your services or reclaiming VAT on business expenses, staying compliant with HMRC’s regulations is essential to avoid penalties and ensure smooth operations.
We offer comprehensive VAT accounting services tailored to service-based businesses in Twickenham. Our team of VAT experts is here to help you navigate the intricacies of VAT registration, submission, and compliance so you can focus on growing your business.
Our services include VAT registration, preparing and submitting VAT returns, and advising on the best VAT schemes for your business. We also ensure you’re reclaiming any VAT on allowable expenses, saving you time and money.
Using digital record keeping and advanced cloud-based accounting software, we make VAT accounting straightforward and efficient. From tracking VAT on your invoices to ensuring the validity of VAT to managing quarterly returns, our services are designed to take the stress out of VAT compliance.
With over ten years of experience in VAT accounting and partnered work with leading UK VAT advisors, our accountants specialise in helping service businesses meet their VAT obligations. We stay up to date with the latest VAT rules and changes, ensuring your business remains fully compliant.
Along with VAT accounting, we offer accounting and tax services for service businesses, including bookkeeping, PAYE, Self-assessment, tax returns, tax and financial planning, and statutory reporting. Our goal is to provide comprehensive support for all your accounting needs.
Whether you’re a small business or a growing enterprise, we can tailor our VAT services to fit your unique business requirements, giving you peace of mind and clarity over your VAT obligations.
When does my service business need to register for VAT?
You must register for VAT if your taxable turnover exceeds the VAT threshold, currently £90,000 per year.
Can I reclaim VAT on expenses as a service business?
Yes, if you’re VAT-registered, you can reclaim VAT on business expenses, provided they are VAT-eligible and directly related to your business activities.
What is a VAT invoice?
It is an invoice that has VAT details (VAT number, applicable rate, VAT amount, name and addresses of both customer and supplier) along with standard demand of payment information (details of supply, payment terms, issue date, etc.).
What VAT schemes are available for service businesses?
Depending on your business size and type, you may benefit from VAT schemes such as the Flat Rate Scheme, Cash Accounting Scheme, or the Annual Accounting Scheme.
What is the difference between zero-rated and exempt VAT?
Exempt VAT applies to supplies listed in Sch. 9 VATA 1994 – Exemptions. The seller of these supplies will not charge their customers any VAT, but they also won’t be able to reclaim any VAT paid on costs related to these goods or services.
Zero-rated VAT applies to supplies listed in Sch. 8 VATA 1994 – Zero-rating. The seller of these supplies will not charge their customers VAT either, but they can claim a credit for VAT paid on costs related to these goods or services.
Empowering small businesses to grow.
