Ensuring that your VAT systems are up to date and that all returns are accurate and on time can be a tedious task, one that we can handle on your behalf. At Huw John & Co. we provide a comprehensive VAT service taking away from you (and your managers) the worry and problems of VAT compliance.
If the taxable turnover of a business, in either goods or services, exceeds £85,000 in twelve consecutive months then the business needs to be registered for VAT. Whether you are in business as a sole trader, partnership, Limited company, clubs, association or charity, you may have to register for VAT. Even if your turnover does not reach this level, it may be advantageous in certain instances for your business to register for VAT voluntarily.
If your turnover is in excess of £85,000 in any twelve month period, then Customs and Excise should be notified within 30 days of the end that period. A business must also register for VAT at any time if in the following 30 days the turnover in the last twelve months is expected to exceed £85,000. Once registered you must prepare and submit quarterly or in certain circumstances annual VAT returns.