VAT is one of the most complex and confusing accounting tasks for business owners. It can also be expensive to get wrong! If your business turnover is £85,000+ a year, you’re likely to need to register for VAT and file a VAT return every three months.
VAT registered businesses now have to comply with Making Tax Digital (MTD). This means VAT returns must be prepared using accredited software. We can advise on the most appropriate software for your business to help streamline this administrative burden.
Some businesses (such as those who sell services to overseas customers) may benefit from being VAT registered even if they don’t meet the compulsory turnover threshold.