VAT is charged on the sales and deductible purchases. The VAT return is assigned by HM Revenue and Customs. Your business must be registered for VAT, if the value of your taxable supplies exceeds a set annual figure (£81,000 from 1 April 2014). The VAT system is taken seriously and failure to register may result in a late registration penalty and/or a failure to notify penalty or in most cases you will be charged a civil evasion penalty.
A taxable person is anyone who makes or intends to make taxable supplies and is required to be registered such as:
- companies and associations
- consulates/ embassies
MNK have highly professional accountants who will deliver you with the best services to make sure you comply with all the VAT regulations. Being an experianced accountancy firm our VAT knowledge is accurate. We help our clients with finest advice/assistance.
The services of VAT that we provide are as follows:
- Assistance with VAT registration
- Advice on VAT planning and administration
- Use of the most appropriate scheme
- VAT control and reconciliation
- Help with completing VAT returns/recovery
If you would like to discuss any of the points mentioned above please contact us.