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Value Added Tax

If your turnover exceeds the VAT registration threshold (currently £85,000 per year) then, depending on the nature of your business, you may be required to register and account for VAT. Once you are registered, you will be adding 20% VAT onto invoices you issue for taxable turnover.
Every three months you must complete a VAT Return and pay any VAT due to HM Revenue & Customs or receive a refund.
If you are on the Standard Scheme for VAT you charge 20% VAT to your customers and clients and reclaim the VAT on your purchases.
However, it may be beneficial for you to opt to use the Flat Rate VAT scheme. This scheme allows you to pay over a reduced amount of VAT to HM Revenue & Customs.
If you would like more information on the Flat Rate VAT Scheme please do not hesitate to contact us.
Ever changing regulations mean VAT compliance can be a difficult administrative process. Clairwood can help to ensure that you comply with the regulations and help to you manage this complex area.
We provide an efficient and cost-effective service which includes:
  • Assistance with your VAT registration
  • Advice on VAT planning and administration
  • Choice of the most appropriate VAT scheme
  • VAT control and reconciliations
  • Help with completing your VAT Returns
Your VAT needs may range from routine compliance to specialist advice, but Clairwood Accounting can support your business and provide advice.
For more information regarding VAT and how it affects your business, contact us.