With a VAT accountant from Lyel Accountants, we choose the correct VAT scheme for you.
VAT Accounting Services
When your business exceeds the turnover level of £85,000 in a 12-month period, you are legally required to register for VAT. If your business is VAT registered, then you must keep all your sales and purchases within your business records. The reason for this is that VAT returns need to be submitted every quarter (3 months).
With our VAT accounting services based in Leeds and nearby areas, we ensure you are up to date with all your VAT-related finances.
This submission outlines what you must pay or claim back from HMRC calculation dependent. By letting Lyel Accountants handle this time-consuming process, it frees up your time to focus more on your business than working out VAT submissions for every quarter.Enquire
VAT Tax Accounting
Based on the nature of your business we will investigate what VAT scheme suits your business best and ensure that you are paying the correct legal minimum amount of VAT liability required. This could be from any of the following schemes: VAT cash accounting, annual accounting scheme, VAT margin scheme, VAT retail scheme.
Even if you’re not eligible to register for VAT, it may still be worth considering doing so, especially if you’re paying a lot of VAT for purchases.
It’s also worth remembering that VAT issues aren’t uncommon and do expect a VAT inspection from time to time from HMRC. But this isn’t something to worry about as with our systems in place there won’t be any room for error. If you do have any concerns, talk to us and we’ll be happy to work through this with you.
Our VAT specialists will ensure that you are on the correct VAT scheme as this helps avoid overpaying or underpaying your VAT liabilities, so get in touch using the form below.Enquire