VAT REGISTRATION AND RETURNS SERVICE

WHAT DOES THE DNS VAT REGISTRATION AND RETURNS SERVICE OFFER?

To the uninitiated VAT may appear a complex tax system that involves a lot of administration. DNS offer this cost effective VAT registration and returns service to assist businesses with making the right decision as to whether to register at all; registering them, and then filing accurate VAT returns on time. It’s best to talk to a DNS Tax advisor about the advantages and disadvantages of becoming VAT registered before you do anything

WHY REGISTER FOR VAT?

Deciding whether to register for VAT or not is a key decision particularly for business start-ups. Businesses can register voluntarily, and whether or not it is advantageous is a crucial management decision. Businesses must register within 30 days if turnover exceeds £73,000 in the previous 12 months, similarly if turnover’s expected to exceed £73,000 in the following 30 days, the business must notify HMRC within 30 days of the date the threshold is expected to be exceeded.

ADVANTAGES AND DISADVANTAGES OF VAT REGISTRATION

It may be advantageous to register for VAT voluntarily to take advantage of things such as repayments of VAT because when you’re registered you can charge VAT on business taxable supplies and goods (output tax) and you can reclaim the VAT on your business purchases (input tax). If more input tax has been paid than output tax, HMRC will refund the difference. This can be useful at the start of a business when most business purchases are made. Being VAT registered may also offer your business more credibility, and if your supplies are zero rated, you can still reclaim VAT on the business purchases, resulting in a refund from HMRC.

BUT this must be weighed against the increased workload because once VAT registered, your business must account for output tax on all taxable supplies, keep proper VAT records and accounts, and send in VAT returns when requested to do so by HMRC.

WHY DO I NEED THE DNS VAT REGISTRATION AND RETURNS SERVICE?

DNS will help your business come to a decision about whether to register. Then DNS will manage the registration for you. After registration, DNS will then take on the increased administration for you and keep ahead of changing VAT regulations, calculate your VAT liability, and complete your VAT return. DNS will ensure you never face a penalty for late submission, inaccuracy, or late payment.

WHAT ARE THE ADVANTAGES OF USING THE DNS VAT REGISTRATION AND RETURNS SERVICE?

DNS have a team of Tax and VAT specialists that will advise you from start to finish and deal with HMRC for you at every step of the process: registration, correspondence from HMRC, filing VAT returns, dealing with queries, and keeping up with the complexities of VAT regulation.

HOW DO I GO ABOUT GETTING THE DNS VAT REGISTRATION AND RETURNS SERVICE?

DNS collect information on the relevant factors of your business and then advise you as to whether your business should register for VAT. Then DNS apply for VAT registration on your behalf, HMRC respond with registration, and then DNS continue to work with you on your VAT returns.

HOW MUCH DOES THE DNS VAT REGISTRATION AND RETURNS SERVICE COST?

DNS offer this service at a very reasonable price, and new businesses may take advantage of our company formation package that includes VAT registration. For full details on prices please check our Fees and Packages section.