Having to fill in VAT returns is a task which many small business owners in Suffolk find stressful and time-consuming. However, as an online tax accountant based locally in Ipswich, Orwell Accountants can come to the rescue and help to complete all necessary returns for your company.
We will also ensure that your VAT returns are filed on time, meaning there is no risk of you missing the official deadlines and facing possible penalties as a result. We provide a full range of online tax accountancy and VAT services to support your business.
Who Needs to Register for VAT?
The most common reason for being required to register for VAT is if your company has a turnover above the relevant threshold. The threshold figure tends to be changed each year. There are also some other reasons for registration being mandatory, such as if your business is undertaking trade outside the UK.
Even if your company doesn’t have to register for VAT, it could sometimes be an advantage to do so voluntarily. This means you can reclaim most VAT when buying products and services for your business, which could be financially beneficial.
However, it could also put up costs for your customers, especially if you mainly sell your services to members of the public rather than other VAT-registered businesses. Whether to register for VAT voluntarily can be a difficult decision, with pros and cons to be weighed up, and we can give you advice and guidance over this.
A VAT return has to include data such as sales and items and services you have purchased, as well as how much VAT you owe and how much can be reclaimed. Working all this out can be time-consuming and worrying, and take up time you need to spend on your business.
However, as a client of Orwell Accountants you can receive expert advice and help, and be sure that you are fulfilling all your obligations. If you are looking for a tax accountant to help your business, get in touch now for details of our services.
