Whether you are a sole trader or a limited company you are required to register for VAT once you pass the earning threshold (£85,000 for 2021). You must notify HMRC within 30 days. You also have to decide on an appropriate VAT accounting scheme for your businesses – choosing the right scheme can save you money.
You are also obliged to maintain your VAT accounting records and submit to HMRC digitally using “Making Tax Digital” (MTD) compatible software.
Preparing and submitting your VAT return can be a hassle when you are super busy. Needless to say, late VAT registration, late returns, late payments and errors can all lead to penalties – the last thing you want to worry about.
Whether you do your own bookkeeping or not, at Accounting Simplified, we can help you with your VAT obligations from registration, choosing an appropriate scheme, reconciling and preparing the VAT returns using HMRC recognised MTD software on a timely and accurate basis.
Contact us for a free consultation.