Filtering through the pros and cons of becoming VAT registered can be rather confusing. It can be difficult to figure out whether you’ll be monetarily better off becoming VAT registered. This can often lead to people delaying the decision, potentially leading to issues further down the line. Luckily, our dedicated VAT returns team are here to guide you through the process and help you make the right choice for your business.
Not every business needs to register for VAT. However, under certain circumstances, it can become compulsory. Because of this, consulting a professional can be a great help in ensuring your business remains HMRC compliant to avoid nasty fines or an inquiry. By carefully monitoring your business we can make sure you’re always making the best possible choice. This gives you more time to focus on day-to-day operations rather than dealing with unnecessarily lengthy and complex paperwork.
Regardless of whether your business is well established or brand new, we can take a look at which VAT schemes you’re eligible for, making sure you’re set up in the most efficient manner possible. It’s Important to be aware of these schemes as they can lead to tax savings and lessened bookkeeping responsibilities.
In order to accurately prepare your VAT return, we can analyse your books to get the required information. Alternatively, however, we offer a bookkeeping service to get your books and records organised, up-to-date, and accurate, minimising the burden on your shoulders and saving you money during tax season.
Furthermore, to take the pressure away from you, we can act as your agent, liaising with HMRC on your behalf. This allows us to efficiently handle the VAT return process reducing the amount of input required on your side. Although, you are of course welcome to be as involved with this procedure as you’d like. We’re able to manage both online and paper returns, so regardless of how your business is set up we can help!
Nobody wants to be subjected to the hassle of dealing with HMRC fines as a result of incorrect payments or missed deadlines. These penalties lead to financial woes and more time needing to be allocated to an already long affair. Because of this, getting assistance from a team of professionals like LM Accountants tends to be the best route to ensure everything is processed correctly the first time.
VAT Returns in Shetland