Contrast Accounting Limited T/A Accrue Accounting
Accountants
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0333 242 7463
Unit E04, Arena Business Centre, Holyrood Cl, Poole BH17 7FP, UK
Opening Hours:Monday: 9:00 AM – 5:30 PMTuesday: 9:00 AM – 5:30 PMWednesday: 9:00 AM – 5:30 PMThursday: 9:00 AM – 5:30 PMFriday: 9:00 AM – 5:30 PMSaturday: ClosedSunday: Closed
Area Served:Within 4 miles (6.4km) of Unit E04, Arena Business Centre, Holyrood Cl, Poole BH17 7FP, UKGet more exposure
If your turnover falls below the current threshold of £90,000 within any 12-month period, VAT registration is not mandatory. However, voluntary registration could still be beneficial for your business. Additionally, being registered for VAT grants you access to the Flat Rate Scheme, potentially increasing your business’s profitability.
Once registered for VAT, you’ll be required to submit VAT returns quarterly, with specific VAT quarters assigned to you upon registration. At Accrue Accounting, our team will handle the preparation and submission of your VAT returns on your behalf. All you need to do is settle any VAT liability due, which can conveniently be arranged through HMRC’s Direct Debit payment option, offering you one less concern to manage.
So, most stuff you buy comes with a 20% VAT tag. But there are exceptions – some things have a different amount of VAT applied, like a 5% or even 0% rate.
Now, here’s the deal: when you charge VAT to your customers, they’re the ones who end up paying for it. You just tack on that extra 20% to your usual price.If you’re selling to other businesses (B2B), signing up for VAT right away is usually a smart move. Why? Because those businesses can claim back the VAT you charge them, so it doesn’t really cost them anything extra.
But if you’re selling directly to consumers or small businesses that aren’t VAT registered (B2C), it’s a bit different. Charging them that extra 20% might not go down too well, because they can’t claim it back. So, you might want to hold off on registering for VAT until you’re sure it’s the right time. But hey, every situation is unique, so it’s always best to chat with your accountant to figure out the best plan for dealing with VAT.
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