Businesses that are registered for VAT (Value Added Tax) are eligible to pay tax on goods and services sold. Businesses are also eligible to reclaim any VAT on the services and goods they purchase meaning any VAT payment is the difference between the two figures.
The standard rate of VAT is 20 per cent in the UK but there are some exceptions such as the five per cent rate for domestic fuel and power. Other items are exempt from paying VAT completely.
Tailored Accounts can make paying VAT simple, easy and straightforward. Using our service gives you peace of mind and allows you to focus on your business.
In order to keep on top of your business’s VAT returns organisation is essential. A well-run business relies on prompt payments to HMRC to avoid hefty fines.
Tailored Accounts can look after all of your VAT returns including reminders for when payments are due, filling in the returns and ensuring your business complies with HMRC guidelines.
We can advise on keeping proper business records, when to pay VAT and manage the process of reclaiming any VAT owed to the business.
We can help complete VAT returns and offer advice on ways to minimise your tax expenditure courtesy of our professional, efficient service.
Contact us today to find out about our affordable, professional VAT management solutions and our monthly payment plans to suit your business.