VAT

The Haswells team specialises in advising our clients on any VAT-related issues.  Our aim is to ensure that you don’t fall foul of the rules or incur any liability to VAT unnecessarily.

The onus is on the taxpayer to get it right first time as penalties will be applicable for errors resulting in underpayment of VAT.

VAT Services include:-

• Completion of VAT returns
  • If your business is VAT-registered, you need to inform HMRC of how much VAT you have charged your customers and how much VAT you have paid to other businesses. It is usual for VAT returns to be completed and submitted to HMRC every 3 months, ie. a VAT return for every quarter of your business year.  In some cases, VAT returns are submitted monthly.
• Review assessments and surcharges
  • As part of our VAT service, we provide assessments of the amount of VAT you owe to HMRC and calculate and handle any surcharges incurred if you submit a late VAT return or pay later than the deadline.
• VAT healthchecks
  • We provide a proactive service here at Haswells, and would much prefer to work with you throughout the year to ensure your business avoids potential inaccuracies and penalties before they occur.
• VAT registration and de-registration
  • As your start up business grows, you may find its turnover increases to more than £85,000 over a 12-month period. If so, you must register for VAT.
  • You must also register (regardless of VAT taxable turnover) if all of the following are true:
    • you’re based outside the UK
    • your business is based outside the UK
    • you supply any goods or services to the UK (or expect to in the next 30 days)
  • We can handle the registration process on your behalf and, if your turnover decreases to below the £85,000 threshold and you wish to remove your VAT registration, we can also handle the de-registration process too.
• VAT consultancy and planning
  • This service is of paramount importance to business owners as we learn all about your business in order to advise you efficiently on your VAT planning and management.
• Options to tax
  • Options to tax covers any land, buildings or engineering works that are owned by your business. This gives you the opportunity to charge VAT on the sale or rental of commercial, or non-residential property.  If you are in this position and need help and assistance with your options to tax, please get in touch.

If you need any help whatsoever with VAT, we are here to help.  Simply contact us today to find out more.