VAT legislation has become increasingly complex and there are a number of areas of opportunity to improve your cash flow, save you time and in many cases claim back significant amounts of money. Currently all businesses with a turnover of more than £85,000 are required to register for VAT but there can be benefit in registering voluntarily in some cases.
At JMT we offer a comprehensive VAT compliance and planning service to make sure that you only pay as much VAT as you have to. Our VAT team has extensive knowledge and many years experience in dealing with VAT issues.
Our VAT compliance service is of particular benefit to businesses that do not have a full understanding of the VAT legislation. Many of our clients choose to outsource both their book-keeping and Vat Return filing to us as a cost effective option of dealing with their compliance obligations. Given the introduction of Making Tax Digital for VAT on 1 April 2019, we have invested heaily over the past 24 months to ensure that our systems are MTD ready. We have spent a lot of time working closely with our clients to ensure that they are fully aware of how this will affect their processes and assisting them with the steps required to get ready for MTD for VAT.
An obvious benefit of outsourcing your book-keeping and VAT compliance to us is the time saved but perhaps more important is the peace of mind gained in knowing that it is one less thing for you to worry about. At the same time, any involvement we have in your quarterly VAT compliance work will reduce the time required to prepare your annual accounts as most of the basic work in this area will have already been completed. With the introduction of MTD for VAT, we find that more and more clients are happy to take up our comprehensive bookkeeping and VAT service, safe in the knowledge that we will deliver a cost effective and fully compliant service.
As many clients prefer to retain their records until such time as their annual accounts are due for completion, we offer a flexible service whereby we can carry out our VAT compliance service in our office or, if preferred, at your office, returning records to clients regularly or using email transmission of data and files. We’re vocal supporters of the use of cloud accounting software and this has revolutionised the way we work with our clients and greatly enhances our ability to provide advisory services in real time.
For more information on the VAT services we offer please get in touch.