VAT & Indirect Tax
What is VAT?
Value Added Tax (VAT) is a consumption tax that is placed on a product when value is placed on a product. When the value of a product goes up when sold on, a percentage is paid to HM Revenue and Customs.
VAT Solutions Service:
VAT registered businesses must charge VAT on 'taxable supplies', such as sales of goods and services, commission, sale of assets, etc. VAT can also be reclaimed on business related goods and services that have been charged to the company.
VAT is declared to HM Revenue and Customs via VAT returns which are typically submitted every quarter (3 months) from the month of registration. These record the total sales and purchases, amount of VAT owed, amount of VAT reclaimed and total amount to pay to HM Revenue and Customs.
Why is it so important?
Businesses must be registered for VAT with HM Revenue and Customs if their annual turnover reaches a threshold, although you can voluntarily register your business if turnover is lower than the threshold. Once registered businesses declare the amount owed via VAT returns, typically completed every quarter (3 months).
Ways We Can Help:
There are difference schemes and services we provide that may be applicable to you and your business:
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VAT annual accounting scheme
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VAT cash accounting scheme
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VAT margin scheme
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Capital goods scheme
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VAT retail schemes
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Flat rate scheme
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VAT Control and Reconciliations
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Advice on VAT planning and administration
Get in contact with us below to find out how we can make VAT easier and more beneficial for you.
Tax Planning
Good VAT planning and preparation is essential to saving you money and keeping you competitive. From adopting a voluntary registration to utilising a certain scheme, while we work with your business, we worry about the VAT, so you don’t have to.
VAT planning is simply about us understanding your business, your supplies, your customers and the law, to make sure we agree on a strategy that will keep you compliant, competitive and paying only the necessary VAT you have to. Even if you’re not VAT registered. We always look to understand what you do, what you supply and who you supply to and this alone gives us a judgement on how VAT may, or may not be a consideration for your business.
We have got you covered by quickly reacting effectively to government decisions, from snap decisions to reduce VAT for hospitality businesses, to the huge implementation of Making Tax Digital, we’ve seen a lot in the VAT world and helped our clients through it all.
The ways in which we can help you...
We care about you and your business hence why we go above and beyond for all our clients
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MALAIKA BUSINESS AND FINANCE LTD
298 Green Lane,
Ilford, IG1 1LQ