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As you may know you have to return your VAT every 3 months but first, we must address the question, if your business is worth registering for VAT?
If your yearly turnover is below £85,000 and you market to the general public, it is unlikely that you will be required to register for a VAT. On the other hand, if your annual turnover is above £85,000 it is compulsory to register for a VAT return, but this has the advantage of being able to claim back the VAT on your purchases.
On the other hand this means you will be unable to reclaim the VAT on your purchases (with the exception of assets over £2,000).
Get a QuoteRather than on invoices as they are raised. This is only available up to a certain.
Get a QuoteWe understand it is vital and for most organisations the VAT return is a quarterly bugbear that has to be done. It’s complicated, time consuming, you are acting as an unpaid tax collector for HMRC and can cost you dearly if its late or incorrect. Have a chat today to see how we can help.