Completing a VAT return can be an onerous and frustrating task. There are many different rules and it seems that the more you find out about it the more complex it seems to get!
Blue Matrix can prepare your VAT returns for you and take away these frustrations. We will even deal with HMRC on your behalf.
If you are new to VAT, you will need to register once your taxable supplies exceed £85,000 (as at 2017/18). Blue Matrix can set up your VAT registration for you and make sure that you are on the scheme that is right for you.
Contact Blue Matrix today to find out how we can help your business. You can contact us using the form, via email: firstname.lastname@example.org or call us: 01483 338438.
If you are based in the EU and are making taxable supplies of goods to non-VAT registered customers in the UK in excess £70,000 in a year then you are Distance Selling and must register for UK VAT and charge VAT at the UK rate rather than the rate in your own country.
If you bring goods in to the UK from another EU country which exceeds £1,200,000 in value over the course of the year, then you must complete an Intrastat Declaration.
If you make taxable supplies of goods and services to VAT-registered customers in other EU countries, you will have filled in Box 8 of your VAT return. HMRC will then automatically send you an EC Sales List to complete. If your total taxable supplies (UK and abroad) is below £106,500 and you have made supplies to VAT registered customers in other EU countries of less that £11,000 in a year then you will be able to complete a simplified EC Sales List.
If you are in any doubt over whether this applies to you or you would like us to help you with this then please contact us using the contact form.
The Flat Rate Scheme makes VAT reporting a lot simpler but is only possible if you are trading in certain industries and if your taxable supplies are less than £150,000. It means that you pay over a certain percentage of your gross turnover and you do not have to report VAT on purchases.
If your taxable supplies are less than £1,350,000 then you can register for the Cash Accounting Scheme or the Annual Accounting Scheme. Very simply, the Cash Accounting Scheme means that you report VAT based on your cashflow rather than the date of your invoices. The Annual Accounting Scheme means that you only send in a return once a year but you do need to make payments throughout the year towards your liability.
Contact us using the contact form if you would like help or advice in registering and managing these schemes.