A4 Accountant Ltd : Professional Accounting Solutions
11th of December 2017
 

VAT Control
 

VAT is a tax that is charged on most business transactions in the UK.

If you are VAT registered, in most cases you charge VAT on the goods and services you provide, whilst reclaiming the VAT you paid on goods and services for your business. If you are not VAT registered business then you can't reclaim the VAT you pay when you purchase goods and services.

There are three rates of VAT, depending on the goods or services the business provides. These rates are currently standard at 15%, reduced at 5% and zero rated. The standard rate of VAT is the default rate, the rate that is charged on most goods and services in the UK unless they are specifically identified as being reduced or zero-rated.

An example of a reduced rate item is domestic fuel and power and a zero rate item is public transport. Certain items are exempt (beyond the scope of vat) such as insurance and providing credit.

Value Added Tax is one of the most complex taxes imposed on business and one that many businesses inadvertently overpay or underpay. A4 Accountant can help to determine businesses best method of accounting for VAT and select the most appropriate scheme depending on circumstances.

A4 Accountant can also assist in preparing VAT returns which are best done at the same time as the production of the management accounts. It is very important that VAT returns are accurate, submitted on time and any vat due is paid on time to avoid penalties and interest.

A4 Accountant can also assist in online methods of vat reporting.

For more information about VAT Control, click here.

Services

Management and Financial Accounts
Financial Systems Development & Implementation
Bookkeeping
Salaries and Payroll
Vat Control
Credit Control
Company Secretarial
Business Profitability Review
Outsourcing
Deputise / Mentoring / Coaching / Team Building
Electricity and Gas Prices
General Activities