Lite Tax are Xero Gold Partners
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.
OTHER ALTERNATIVES TO VAT
Have a free no-obligation chat with Lite Tax today to see what is best for you and your business.
Other alternatives are available of course if VATs aren’t appealing, these include:
- A flat rated system in which you pay a fixed rate of VAT to the HMRC and you get to keep the difference between what you charge your customers and pay the HMRC, 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).
- Cash accounting Which means the VAT is only paid to HMRC after you are paid for the invoice. Rather than on invoices as they are raised. This is only available up to a certain.
Find out about our VAT Return Services
We love speaking with people. Established for over 17 years, see how Lite Tax can take away the pain and assist you with your VAT returns. We 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.