VAT Services
We offer a range of VAT services for sole traders and limited companies.
What are the accounting requirements for VAT-registered businesses?
VAT registration is compulsory for businesses with a vatable turnover of over £85,000. A business below the threshold can register voluntarily.
A VAT-registered business or company has several accounting obligations to HMRC. These include:
General Accounting Obligations
Keep accurate and honest accounting records of sales, expenses, assets and liabilities. Sales invoices must show the VAT element of the sale, as well as other crucial information, such as your VAT registration number. All VAT claimed on purchases should have a relevant VAT invoice or receipt proving the claim.Prepare VAT Returns & File with HMRC
All VAT-registered businesses must prepare and file VAT returns. Most companies are required to file quarterly VAT returns.Pay any VAT due to HMRC
Any VAT owed to HMRC should be paid within the VAT payment deadline.
Making Tax Digital (MTD)
VAT-registered businesses over the £85,000 registration threshold must file their VAT returns under HMRC’s Making Tax Digital - VAT. This requires using MTD-compatible accounting/bookkeeping software and filing returns through the software.
Businesses under the threshold can still file VAT returns through the HMRC website.
VAT Schemes
There are many VAT schemes available. The most common schemes are the Flat Rate Accounting Scheme, VAT Cash Accounting Scheme and Annual Accounting Scheme. Most VAT-registered businesses are registered to no scheme, meaning they have standard VAT accounting.
How can an accountant help me?
An accountant will help you meet your HMRC obligations, including preparing, calculating, and filing your business’s VAT returns. An accountant can ensure that your business is entirely VAT compliant, signed up to the most cost-effective VAT scheme (where applicable) and remind you of upcoming deadlines and changes.
Which VAT services does SM Accounting offer?
VAT Registration
What’s included?
Registering you or your business for VAT (standard, cash or flat rate schemes)
Providing all necessary documentation, such as VAT certificate and VAT registration number
Providing login details for an online VAT account with HMRC
Unlimited VAT advice and support by email
What do we need from you?
Various details about you and your business
How long does it take?
We can complete registration within two weeks, but we can make exceptions if the VAT registration is urgent.
How much does this package cost?
Our prices for VAT registration start at £145!
VAT Return Service
What’s included?
Monthly Bookkeeping or review of bookkeeping already done
Preparing and filing VAT return
Unlimited support by email
What do we need from you?
Access to your bookkeeping software (Sage, QuickBooks, Xero, KashFlow, or other). If you are not subscribed to any bookkeeping software, this is fine.
Bank statements and copies of invoices every quarter.
And that’s it!
Does this service cover everything I need?
This package is the ultimate way to outsource your VAT. We will cover everything needed to file your VAT returns.
How much does this package cost?
Prices from £38 per month!