Are you considering setting up a VAT scheme? Not sure where to start? We can help… Ascentant provides a range of VAT services from Consultancy to registration and administration.
VAT is the tax you must pay when you purchase goods or services. Any UK trader with a turnover over above the VAT threshold must pay VAT. If you are a business you may be required to register for and collect VAT on behalf of HMRC.
If you are unsure of whether to register for VAT or which scheme to apply for, we can assist in providing tailored advice such as:
- Which software to use for Making Tax Digital (MTD)
- How to submit VAT returns
- How to change VAT scheme
- Which VAT rates apply to transactions
- Dealing with the reverse charge
If you have a VAT query, we can answer it.
When hitting the VAT threshold, you will need to become VAT registered, however, you can choose to do this before hitting the VAT threshold voluntarily. There are a number of schemes available, including:
- Annual Accounting VAT scheme
- Flat Rate VAT scheme
- Cash Accounting VAT scheme
- Setting up your Government Gateway account
- Reclaiming VAT prior to VAT registration
Following registration, HMRC will issue your VAT number and confirm your filing dates.
Ascentant can provide VAT Services to identify the best scheme for your business.
Your VAT Return will need to be filed according to the VAT scheme that you have chosen. Ascentant plan ahead to collate everything required for submission well before your VAT deadline and our experts review your paperwork to ensure that its valid for VAT purposes.
We provide copies of your VAT return reports and confirm the amount payable to HMRC.
VAT Services can assist with:
We can also assist with HMRC investigations and queries on your behalf.
If your turnover has dipped below the VAT threshold or you are winding down your business, we can:
- Provide advice on the best way forward
- Deal with any closing VAT returns
- Assist with de-registration of your VAT scheme
We can assist with finalising your returns and closing off the scheme in your software.