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Remove the painful hassle of interviewing questionable quotes. Gain access to a select group of qualified, verified accountants in UK with a rich background in business accounting ranging from 3 to 15 years. Take charge of your business with a sense of assurance and capitalise on opportunities without apprehension.
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Our Accountant Verification Process is Quite Solid
Work with accountants who are genuinely invested in your business. Every candidate associated with us undergoes a rigorous evaluation process, so we can know how serious they are. Rest assured, you'll only get verified accountants – no half-hearted connections here.
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Experlu Business Consultant
Finding a suitable Vat accountants for your business is a critical but time-consuming process. We solve this problem by sending you three customised proposals.
- 1Tell us your specific needs
We'll help you find a Vat accountants according to your requirements. So, help us refine your search by telling us your specific requirements, and we'll connect you with Vat accountants to help you.
- 2Receive 3 free quotes
You'll receive three quotes from professional Vat accountants from our network and get quick notifications via email and messages. At Experlu, we make sure we do the leg work for you!
- 3Choose your auditor
Pick from some of the best Vat accountants in the UK. With easy access to reviews or ratings and direct contact with VAT return services, you can be confident with your choice.
Finding an Expert VAT Accountant is a Minute Away
Handling VAT obligations can be overwhelming and complex, particularly if you don't have much time to spare.So, put your VAT compliance in the hands of an expert who adds value to your business.
We will help you find your perfect matchin less than three days. All you need to do is answer a few questions, so we can learn more about your specific needs and find your dedicated VAT Accountant thatfulfils your needs and provides professional and friendly advice.
We are associated with VAT accountants with decades of experienceand a proven track record advising on all VAT areas for businesses across all industries.
Experlu is one ofthe UK's leading accountant matchmakers, connecting individuals and business owners with remote, online, or dedicatedVAT accountants. We offer complete transparency and security in our process. Our cloud-based platform allows you to post different job requirements, receive quotes from the top three matched accountants, review their service offerings, chat with your chosen accountant, and hire the most eligible candidate in 2- 3 days.
Register to become a prime member of Experlu – prioritise your job requirements, benefit from occasional discounts on accountant fees for the first year, lifetime free service, seasonal gift vouchers, and a dedicated customer success manager to manage all your posts.
Experlu nurtures the relationship between you and your accounting buddy throughout. Our support believes in giving a full-proof resolution with the least turnaround time. In the first stage, we offer a single-step resolution, but if you need further help, we offer live calls and e-mail support.
- What is VAT?
- What is the VAT rate?
- How can an accountant help you with VAT registration and VAT returns in the UK?
- How does a VAT accountant help businesses in VAT compliance and planning?
- Can businesses manage their VAT without a VAT accountant?
- What is the VAT threshold in the UK?
- How to register for VAT?
- I'm a sole trader. Do I still have to pay VAT?
- How do I charge VAT?
- What is my VAT number?
- What can I reclaim VAT on?
What is VAT?
Value Added Tax, also known as VAT, is a tax charged on most products and services sold in the UK. Because VAT is a consumption tax paid by the end customer, businesses must first collect the tax from customers at the time of a sale and then send it to HM Revenue and Customs (HMRC).
In the UK, all businesses must register for VAT if their annual taxable earnings exceed a certain threshold, which is now £85,000. Once registered, they must charge VAT on taxable supplies and file regular VAT returns to HMRC.
When is the best time for a small business to hire an accountant?
The ideal time for a small business to hire an accountant is usually before setting up the company. This way, you can remain assured that you have the proper legal structure and that your personal and company taxes are optimised.
As a business grows, financial tasks become more time-consuming and complicated, making it increasingly necessary to have organised and accurate financial records. An accountant can help manage these tasks and ensure that the company complies with legal standards.
What is the VAT rate?
In the UK, generally, the VAT rates depend upon the goods sold or services provided and the location of the buyer. These rates are listed in the table below, along with the general categories to which they apply.
|Standard||20%||Majority of goods and services.|
|Reduced||5%||Some goods and services, such as children's cars, residential property conversions, and home energy.|
|Zero||0%||Exports, most children's clothing and food.|
How can an accountant help you with VAT registration and returns in the UK?
An accountant can assist you in registering for VAT with HMRC if your business meets the registration threshold, typically £85,000 of taxable turnover in the previous 12 months.
You can voluntarily register for VAT even if your taxable turnover is less than £85,000.
An accountant can prepare and submit your VAT returns, ensuring that you comply with all VAT laws and regulations and are eligible for applicable VAT reliefs or exemptions. They will assist you in avoiding late fees or interest charges.
How does a VAT accountant help businesses in VAT compliance and planning?
An accountant can ensure that your business complies fully with all VAT rules and regulations and can offer guidance on more complicated aspects of VAT, such as how to approach cross-border transactions, how to charge VAT on digital services, and how trading with EU nations can impact VAT.
An accountant can assist you in planning for VAT, for instance, by advising you on the VAT implications of a financial decision or transaction or by assisting you in structuring your business in a tax-effective manner.
Can businesses manage their VAT without a VAT accountant?
Yes, companies can handle their VAT without a VAT accountant, but it can be complicated and time-consuming. Businesses can ensure compliance with VAT laws and find opportunities to enhance their VAT strategy by working with a VAT accountant.
What is the VAT threshold in the UK?
If your taxable revenue reaches £85,000, you must register for VAT.
Taxable turnover refers to all earnings received by sales that are not VAT-exempt. Even earnings on which the VAT rate is zero are referred to as taxable turnover.
Businesses that fall below this threshold are exempt from adding VAT to the sale of their products or services. Also, they are exempt from registering with HM Revenue & Customs (HMRC).
The turnover threshold is not measured in a fixed period like the tax year but rather in a rolling 12-month period.It can start at any time, such as from the beginning of June to the end of May.
Businesses that are not registered but whose annual revenue is near the registration threshold should be aware of this. After you have passed the turnover threshold, there are strict deadlines for filing the registration and charging VAT.
How to register for VAT?
VAT applies to businesses, sole traders and partnerships. Use VAT1 form to submit the VAT registration application to the HMRC. You can do this online or by post. Once registered successfully, HMRC will provide a VAT registration certificate mentioning your VAT number, registration's start date, and when the first VAT return is due.
Keep in mind that even businesses with income below the threshold can choose to register for VAT. This is referred to as voluntary registration. Benefits of voluntarily registering for VAT include building a more trustworthy image for your consumers and reclaiming VAT on purchases.
I'm a sole trader. Do I still have to pay VAT?
The same rules apply to limited companies, partnerships, freelancers and sole proprietors: You must register for VAT if you exceed the annual turnover threshold or expect it to do so in the coming month.
You must start keeping records and adding VAT to your client invoices from the registration day. Your company will be VAT registered in your name, as compared to limited companies registered in the business's name.
How do I charge VAT?
After determining the VAT rate that applies to your products or services, which is often 20%, and after successfully registering, you must add that 20% on a different line on your receipt or invoice to every consumer. Additionally, include your VAT registration number. However, you can do so more subtly at the bottom of the page in smaller font sizes.
What is my VAT number?
A VAT Number is a special code given to a business registered for VAT. This is often referred to as a VAT Registration Number. A VAT number is nine digits long and typically starts with GB. Companies receive a VAT registration certificate from HMRC that includes their VAT number.
While submitting VAT returns, it is crucial to verify your VAT number. Errors in your VAT return may result in delays, and HMRC can reject your tax input claim.
What can I reclaim VAT on?
Businesses can claim VAT on products or services explicitly needed for their operations. Claiming VAT back is possible for things such as:
- Raw materials, direct business costs
- Contractors' and consultants' fees
- Accountant and auditor's fees
- Business rent, office supplies and furniture
- Motor vehicles, accessories, fuel and maintenance for said vehicles
- Staff travel and mobile service plans used for company calls
A few things, such as the following, are not eligible for VAT reclaims:
- Anything that is purely for private use
- Business assets transferred to you
- Entertainment costs