Businesses with taxable supplies exceeding £85,000 need to be registered for VAT. Under Making Tax Digital, from April 2019 in most cases, they need to keep their records and file their returns digitally. If your turnover is below £150,000, you may benefit from one of the many flat rate schemes. Whilst your turnover is under £1.35 million, you can account for VAT on the cash basis, otherwise you will need to account for VAT on the accruals basis (i.e on the basis of invoices sent/ recieved regardless of payment).
We support Clients by:
- Advising on appropriate bookkeeping software
- Advising on appropriate filing software, including bridging software for spreadsheets
- Advising on VAT reporting requirements
- Advising on flat-rate and other schemes (such as the second-hand goods scheme)