To the uninitiated VAT may appear a complex tax system that involves a lot of administration and often it can be. dns accountants offer a cost effective VAT registration and returns service to assist businesses with making the right decision as to whether to register for VAT; completing the VAT registration process, and then filing accurate VAT returns on time. Before you make any VAT decisions, it’s best to talk to a dns accountants tax advisor about the advantages and disadvantages of becoming VAT registered.
Deciding whether to register for VAT can be a key decision particularly for business start-ups. Businesses can register voluntarily, but whether it is advantageous to register is a crucial management decision. Businesses must register within 30 days if turnover exceeds £85,000 in the previous 12 months, similarly if turnover’s expected to exceed £85,000 in the following 30 days, the business must notify HMRC within 30 days of the date the threshold is expected to be exceeded.
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 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 up against the increased workload because once VAT is 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.
Here at dns accountants we can help you come to a decision about whether to register or not. Then we’ll manage the whole VAT registration for you. After registration, we’ll take on the increased administration for you and keep ahead of changing VAT regulations, calculate your VAT liability, and complete your VAT return. Our no penalty guarantee means that dns accountants will ensure you never face a penalty for late submission, inaccuracy, or late payment.
Here at dns accountants we 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.
Sign up is simple, but before we just sign you up for the VAT registration service, we’ll collect information on the business and then advise you as to whether your business undergo VAT registration process or not. Then we’ll apply for VAT registration on your behalf, HMRC respond with registration, and then the dns accountants VAT team will continue to work with you on your VAT returns.
We offer this service at a very reasonable price, and new businesses may take advantage of our company formation package that includes VAT registration service. For full details on prices please check our packages section.
There are huge benefits to getting your VAT returns completed by dns,
here’s just a few of them…
“I recently starteed my own company and in need of a good accountant. With my friends reference, I started dns accountancy services and I am a quite satisfied with their service. My account manager Sneha Gurudutta was always responsive and guided me a lot especially during my company early days. Keep u the good work.”
“I have been dns for the last 3 months and I am very happy with the service. My account manager Sneha Gurudutta guided me and helped me with all the major/minor steps with the account setup. The weekend support they provide is really helpful. I would definitely recommend DNS to all my friends.”
“Unfortunately my son passed away without leaving any contact name of his accountant. I was able to make contact with the firm through HMRC. The staff were very prompt, caring and supportive in settling his income tax account. I was extremely impressed with the efficient caring and supportive service received from all of dns staff.”
“Been with dns Accountants for more than a year I would highly recommened their services. My account manager Sneha has been very helpful and helped with accounts and queries swiftly always! Having a good accountant means you can fully focus on your business, not worry about accounts and tax matters. Thank you dns :-)”
“I have been extremely satisfied with the service I have been receiving close to past 1 year. Very professional, transparent and helpful. Special mention of my Account Manager Minakshi Arora who made my transition very smooth and always ready to go that extra mile to support and make customer happy. Definitely recommended.”
“I’ve recently set up a Ltd. Company and signed up with dns for my accounting services. I’ve found it very good value for money and hugely helpful in terms of advice and guidance. I have a named Account Manager, Sneha Gurudutta, who keeps in contact with me and offers advice on line and on the phone... I'm really pleased with the service.”