Simple Accountants

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VAT

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vat services

Our qualified and experienced team prepare and submit your all-year-round VAT reporting and returns on your behalf.

Full Time VAT Assistance

Choosing the right VAT plan can make or break your business. Defining your products and services and your predicted earnings can all help you identify which scheme is best for your venture, lowering your VAT rate. Once you have picked an appropriate scheme, we will assist with the registration process, advise you on switching to a more tax-efficient arrangement, and keep you up-to-date with VAT law changes.

Dedicated VAT Accountants

At Simple Accountants, we offer qualified and experienced accountants who work tirelessly on your behalf, delivering VAT reporting to ensure you are compliant and flagging up any potential risks. We will minimise your liabilities and compliance issues by ensuring all aspects of VAT transactions are captured correctly, and all month-end processes are actioned on a timely basis.

VAT Calculation

How does VAT work?

Your company will need to submit VAT returns to HMRC on a monthly, quarterly, or annual basis. The return summarises the VAT collected on sales and the VAT incurred on expenditure during that period. If the collected figure exceeds the VAT incurred, you pay the difference to HMRC. If the VAT incurred is greater, HMRC will refund the difference.

Paying your bills

HMRC only accepts a direct debit or internet banking as a method of payment. They do not accept cheques. If you are having trouble making payments, contact them straight away.
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VAT in the UK is typically
charged at:

  • 20% on goods and services.
  • 5% is applied to some health, energy, heating, and protective products and services.
  • 0% is applied to a range of products and services to do with health, building, publishing, and kids’ clothing
Some services and sales of goods are outside the scope of VAT (like stamps and financial and property transactions). Instead, businesses charge VAT based on what they sell and how much money they make.

Your VAT registration number

The government gives your business a unique nine-digit number, prefixed with ‘GB’. Company numbers are only given to VAT-registered businesses and can be found on your registration certificate, which also outlines when your company passed the registration threshold and when your first VAT return is due.