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VAT Services

VAT (Value Added Tax) is a complex tax that affects UK businesses. This is a tax levied on a product or service when it adds value during production or at the point of sale. Finance Monkey accountants have the experience and qualifications to prepare VAT reports and lodge VAT returns for your business using an MTD-compliant approach.

If you are looking for the perfect combination of efficient accounting services, state-of-the-art software, and highly trained tax officers, Finance Monkey Accountants offers a comprehensive list of VAT services to meet your VAT filing, reporting, and consulting needs; look no further.

VAT reports and VAT returns

Highly Recommended VAT Accounting Services
Our award-winning performance is a testament to the value we add to the business.
It reaffirms that we keep economy, efficiency, and productivity in mind while delivering high-quality solutions.

What is VAT? When does your business need to register for VAT?

Value-added Added Tax (VAT) is a tax you must pay when buying goods or services. If your business has a turnover above £85,000, you must register your products/services and collect VAT at source before lodging quarterly returns with HMRC every three months – or risk penalties!

In the UK, VAT is generally 20% on goods and services and 5% on certain health, energy, heating, protective articles and services. Various goods and services related to health, construction, publishing, or children’s clothing are exempt from VAT.

Excluded transactions and services are numerous (for example, postage stamp issuance financial and property transactions). Instead, businesses charge VAT based on what they sell and the money they make.

The UK government gives your business a unique nine-digit registration number, usually starting with GB.

You will only get a VAT registration number if your business is VAT registered, and you can easily find this on your registration certificate. The certificate also outlines when your first VAT return is due and when your business has passed the registration threshold.

How do we determine the due date for VAT payment?

You can log into the government website to learn about VAT returns and payment deadlines. You can then access your VAT online account.

Your VAT online account will let you know when your VAT return is due and when you must clear the money to your HMRC account. The filing date and payment date are usually the same and are approximately one calendar month and seven days after the end of your accounting period. For example, if your VAT accounting period ends on May 31, then July 7 will be your submission and payment deadline.

VAT registration and deadlines

To calculate your VAT online, visit the HMRC website to find out when to pay VAT for the current accounting period. You cannot use this calculator if you pay by account or use an annual accounting plan. Use an approved accounting software provider to send your VAT returns and keep digital records.

How does VAT work?

Your business needs to report VAT monthly, quarterly, or annually. This return summarizes the VAT received on sales and the VAT spent on purchases. If the amount charged exceeds the VAT spent, you must pay the difference to HMRC. If higher VAT is incurred, HMRC will refund any difference.

Pay your bills

HMRC only accepts direct debit or internet banking. They don’t accept checks. If you have difficulty making a payment, please contact us immediately.

How can we help you with your VAT return?

As a firm of VAT specialist accountants, Finance Monkey Accountants ensures its clients are fully aware of and comply with all VAT requirements.

Monthly VAT return

VAT returns can be challenging for VAT-registered businesses, and FinanceMonkey accountants can help prepare, review, and file complex or simple VAT returns. Returns can be filed through a variety of schemes and at different frequencies.

Our services will remove the hassle, complexity, and risk from your VAT filing process.

All VAT-registered companies are required to file VAT returns regularly. The VAT return calculates the amount of VAT payable or reimbursable to HMRC. VAT returns are filed every three months, known as the ‘accounting period.’ All taxable transactions are reported during this period, and any VAT liabilities or refunds are calculated.

VAT Advice

FinanceMonkey offers your business a VAT health check service designed to catch problems before the VAT man. We make it easier for you.

FinanceMonkey helps you avoid penalties for inaccurate mistakes. You can identify risks by reviewing current processes, practices, and procedures. The Health Check service is provided to demonstrate to HMRC that you are considering VAT. FinanceMonkey will guide you throughout the process to ensure all necessary steps are taken.

The VAT health check will include the following:

Review and sample check your records
Sample Test Most Common Mistakes
VAT declaration statistical analysis
Sampling checks on the completion of VAT returns
Compare your VAT return with annual accounts
Check the VAT treatment of your sales
Analysis of your business against relevant VAT schemes
Rules to ensure you apply VAT schemes correctly
VAT planning opportunities

Why choose us?

Finance Monkey takes full advantage of existing remedies and interpretations of the statute. We understand how intense the investigation by VAT officials can be.

Complying with VAT is becoming increasingly complicated, and it is even more important to have an accountant who can successfully negotiate with them. This is a vital feature of the services provided as it ensures peace of mind for all our clients. We can help you pay VAT in the following ways.

Apply for VAT registration advice.
Advice on VAT solutions for your business
Complete a VAT return from your books, or we can do it for you. By having us complete your VAT return, you can ensure its accuracy and always take advantage of every opportunity to claim your due VAT.
Handling VAT Control Access.
Handle any disputes with customs.
VAT registration.
Finance Monkey accountants can help you determine if your business needs to register for VAT. We understand how cumbersome the registration process can be; therefore, we can register your VAT with HMRC. We’ll do all the checking and make sure you register quickly. If you are considering voluntary registration, we can also review whether it will save your business money or benefit long-term growth.

Your VAT registration and audit will be done by us, taking care of all your questions and covering all key checks. Finance Monkey will also assess whether you need to register under a particular VAT scheme or if this scheme is beneficial to your situation. Our VAT registration is a mark of trust between customers and suppliers, increasing credibility. Registering for VAT with a clearing house accountant can help businesses save on administrative costs by claiming back VAT paid, which can be funneled into other businesses.

Our Service

VAT registration form
The right VAT solution for your business
VAT filing and training
VAT Planning
Handle any disputed disputes
Attend a VAT inspection
VAT registration

Get your business ready for MTD VAT!

Tax Digitization (MTD) has revolutionized the way UK companies are taxed. VAT-registered companies must now keep records and file VAT returns digitally, which is required under the MTD scheme.

We use Xero and QuickBooks, both accredited by the Association of Chartered Certified Accountants (ACCA) and approved by MTD.

We’ll file your VAT return and provide immediate VAT guidance and support when needed.

VAT Accountants for UK eCommerce businesses

Revenues for e-commerce companies have grown significantly over the past 18 months, prompting the EU to develop the EU VAT E-Commerce Package to simplify VAT reporting for individual sellers and shift VAT liabilities onto marketplaces.

The 2021 VAT eCommerce package includes the One Stop Shop (OSS) and the Import One Stop Shop (IOSS), designed to make it easier for B2C European sellers to calculate how much VAT they need to pay. Thanks to these improvements, IOSS makes it easier for suppliers supplying imported goods to comply with VAT regulations.

FinanceMonkey Accountants and their team of expert accountants for eCommerce businesses are helping eCommerce businesses in the UK with VAT calculations and VAT returns.

Why choose us as your next VAT accountant?

FinanceMonkey accountants have an in-depth knowledge of the UK VAT and taxation system. Our highly qualified and experienced team has worked with some of the world’s most renowned software providers.

Comprehensive VAT assistance throughout your business journey

Choosing the right VAT plan can make or break your business. Identifying your products and services and your expected income can help you determine the ideal tax plan for your business. We’ll help you through the registration process, advise you if you need to change your plan and update you on changes to VAT law once you’ve chosen the right plan.

What is the best VAT Scheme for your business?

Flat Rate Chart

The Flat Rate VAT system was created to ensure that businesses pay the same amount of VAT without filling out extensive paperwork like other VAT systems.

The amount you pay HMRC depends on your business rating and the amount you charge your customers. You can keep the difference between the fees charged to HMRC and those paid, except for certain capital assets of £2,000 or more.

Standard VAT accounting regime

The standard approach to VAT accounting means that financial transactions are recorded as they occur, regardless of when payments are made. This can create cash flow issues for your business as you must pay HMRC VAT on the services or products you sell before you receive payment. However, you can claim VAT on the invoices you receive, which can positively impact your cash flow if you don’t pay for your purchases.

VAT paid on a cash basis

The difference between the sales and purchase invoices is usually the VAT you pay to HMRC (HM Revenue and Customs). You must report these figures and pay HMRC even if the bill has not been paid. When your customers pay you, you pay sales VAT; after paying your suppliers under a cash accounting system, you recover the VAT on purchases. To join the scheme, your taxable VAT return must amount to £1.35 million or less.

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