Minimising the risk of audit with timely, accurate filing
First question: are you VAT-registered? And if not…should you register?
If your turnover exceeds £85k, there’s no choice – register you must. But what if you’re below the threshold? Is it worth getting registered anyway?
That’s a judgement call. On the one hand, there’s the time and cost of filing quarterly returns. But on the other, you get to reclaim all the VAT you spend – so if your overheads are ramping up, it could be a wise move.
Plus, if you sell B2b, VAT has a kind of “kudos”! There are prospects who won’t take you seriously until you’re in the VAT club, because it tells them you’re a “proper business”, playing by the rules.
So what’s right for you?
We’ll help you decide – and if needed, help you choose a VAT scheme. Should you opt for…?
There are pros and cons for each scheme, including special criteria, reduced rates and exemptions. So there’s no “best option” as such – there’s only what’s best for YOU.
We’ll figure this out when we talk, then help you register and get you set up for quarterly returns. That will include a review of your bookkeeping system, to make sure we have sight of all your spending and receipts.
That way, we can file on time and keep HMRC happy…while you focus on growing your business, with minimum hassle from us!
Just get in touch and we’ll discuss it, as part of a custom package.