Specialist Accountancy Services - VAT Returns
VAT Return How to get VAT Registered and what to consider.
Should I be VAT registered?
- The quick answer is yes, if
- Your business services or sales are taxable
- Your turnover (sales) exceeds the statutory registration limit.
Can I register voluntarily for VAT?
Again the answer is yes you can ñ even if your turnover is below the statutory registration limit.
It can be advantageous for you to register voluntarily if:
- The nature of your trade means that your costs or purchases include VAT
- Most of your customers are VAT registered and can claim back the VAT that you will need to add to your sales.
- Or your supplies are mainly zero rated for VAT purposes.
If the answer to the above questions is no then it may be better to delay registration until you have to.
Our Advice regarding VAT Registration Issues:
- Never add VAT to your sales invoices UNLESS you are registered ñ to do so is a criminal offence!
- Avoid delay if you do need to register otherwise you will incur needless penalties and interest charges, as well as having to pay over VAT which you may not be able to recover from customers.
What EAFS can do for you
Whether you should be registered for VAT or not, depends on your individual business circumstances. Our qualified accountants can assist you in completing VAT Returns, providing advice on VAT issues, dealing with HMRC investigations and advising on HMRC specialist VAT schemes that may be beneficial to your business.
Contact us today to discuss your VAT requirements. You can also try our free VAT Calculator.