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VAT

Get the advice and support you need

There are substantial penalties for failing to register for VAT on time, for errors or for late filing or payment. Boxwood can help you get your VAT right, every time.

VAT only impacts businesses. Individuals who are not in business have no obligations here. Broadly, where a business makes vatable supplies that are above the threshold then they must register for VAT. It may also be beneficial to voluntarily register. Once registered, VAT must be charged at the correct rate and accounted for on-time to HMRC, usually on a quarterly basis. As always there are substantial penalties for failing to meet the relevant deadlines. Being registered for VAT has the advantage of allowing an input VAT reclaim but also carries a material administrative burden.

Things to Consider

The first area to watch out for here is in ensuring that the business is registered on time. The relevant threshold needs to be reviewed on a rolling 12-month basis. Where it is breached then HMRC must be advised within 30 days. Next, do not underestimate the administrative burden. Being registered for VAT significantly increases the level of accounting required. Software will be required. Also, the correct rates of VAT must be charged and it is quite easy to get these wrong, especially if you are making mixed supplies, overseas supplies or supply services overseas etc.

Taxation

Personal Tax
Management Accounts
VAT
Payroll
Partnership / LLP Tax

Boxwood have been our accountants for a number of years and provide us with advice and support for our year-end Statutory Accounts and Corporation Tax Return. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time.

John at Bentley Consultancy Services Ltd

How We Can Help

The Boxwood team can advise and guide you on all VAT matters. We can prepare your quarterly return which will significantly reduce the risk of filing errors and the related penalties. We can use your own bookkeeping records or the bookkeeping records we maintain for you. The team can help maximise VAT reclaims and help ensure that only the correct output VAT is paid. We will keep track of all returns and remind you when a return is due, helping to ensure no deadlines are missed. The friendly team will always be available if you have any questions and we will always agree a fixed fee with our clients prior to any work being carried out.

Up-to-Date Guidance

The rules relating to Vat often change and as Chartered Certified Accountants we can help provide up-to-date guidance and support.

Avoid Interest &
Penalties

HMRC may charge penalties and  interest on late payments of Vat and good controls are required to help avoid these.

Prompt & Proactive

All client work carried out promptly and, wherever possible, we offer proactive advice on tax & cost savings.

Fixed Fee Approach

Our fees are very competitive & are always agreed with our clients prior to starting any task

Telephone Helpline

If you have any questions regarding you internal reporting then just give us a call. We will be happy to help

Bespoke Reporting

Tailored reports & analysis of your business to help reduce costs and drive performance.

Call us anytime for a free and informal chat 

​Call us anytime if you have any questions at all. We will be more than happy to chat through your queries. You’ll be surprised at how easy and inexpensive it is to get the help you need with your accounting and tax obligations.