value added tax writing
VAT Records and Returns

Infinity will ensure you register for VAT if you exceed the VAT registration threshold. We can even help register for VAT early, as you could claim back money, or have your business appear potentially larger than what it really is.

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What is VAT?

VAT, as you probably know already, stands for Value Added Tax.

It is a tax applied to the sale of goods and/or services by businesses in the UK, and is collected on behalf of HMRC (HM Revenue and Customs).

Some goods are exempt from VAT – for example, private education, health services and gambling.

Why are VAT Records and Returns important?

Once your business sales (also known as VAT taxable turnover) exceed £82,000, you are legally required to register for VAT with HMRC.
You have a number of responsibilities once you are a VAT registered business:
• You need to charge the correct amount of VAT
• You need to pay any VAT due to HMRC
• You will need to submit VAT Returns
• You’ll also need to maintain records of your VAT, as well as open a VAT account

Failure to comply with these regulations will result in HMRC charging you a penalty.

Why should Infinity Accounting help manage your VAT?

Paying VAT can get very complex at times, and if you are trying to manage other aspects of your business simultaneously, you may make mistakes. Fortunately, Infinity Accounting has the skills, experience and expertise needed to ensure your VAT records are accurate and your VAT returns are thorough.

If you need help with registration or to make sure your VAT records are correctly recorded and filed, we can take on the burden and give you peace of mind that everything is correct. It is also possible to register for VAT early – there are several advantages to doing this. For example, registering early can often make your company appear bigger and more profitable than it actually is. We’re happy to discuss your options regarding early VAT registration.

If you’re a small business, we will advise you on a number of different schemes designed to help you manage your VAT payments. If your business drops below the VAT turnover threshold it may be beneficial to de-register. Once again we can help you to make this decision and assist with the process.