Understanding the Various Complex Aspects Related to Vat, From a Tax Consultant

Whether you know this or not VAT is considered one of the most complex taxing elements imposed on commercial units. VAT which is the abbreviated term for Value Added Tax is an indirect form of tax which is considered chargeable on various taxable goods or services offered by a VAT registered company or business unit.

A London based VAT registered business is liable to pay the Value Added Tax on goods or services. The business will further claim credit for the VAT they pay to various other businesses when purchasing goods and services from the latter. The net calculated VAT is payable to the HMRC and claimable from the same based on what is reflected on VAT return. The VAT returns are filed quarterly.

What Is VAT Return?

VAT is a type of tax which you have already come to know. Under the UK laws, businesses ought to file their VAT returns on a quarterly basis, with the HMRC. The Vat returns are calculated based on the purchases and sales made by the business within a specific timeline. Typically a VAT return will include sales and purchases that have occurred around the UK. Further the VAT return in London will also include acquisitions from sales to various other EU countries and vice versa.

Generally VAT returns are filed over the internet. In a majority of instances the VAT returns are prepared by accounting partners where aspects like Vat liability and filing for VAT returns are accomplished by professionals. If you own a business in London and deal with goods and services, it’s likely of you to get in touch with a well qualified VAT agent who will take care of your VAT return files.

VAT Services

Some of the services which knowledgeable and experienced tax consultants in London offer with respect to VAT related subjects are as follows:

• VAT Registration
• Advising business owners on appropriate schemes such as cash accounting, flat rate and Annual VAT returns
• Preparation of VAT return and various online filings
• Lending a helping hand in getting answers to VAT related enquiries and investigations
• Helping deal with various VAT compliance related issues
• Advising on VAT administration and planning
• Establishing relationship with the HMRC on behalf of your business

VAT registration on the other hand is an elementary aspect which all businesses need to comply with. A tax accountant is the right person to help your business understand the taxable amount and get it registered under VAT when the total turnover goes beyond a set threshold.

Since VAT involves complex structures and rules, businesses are advised seeking VAT related assistance from tax accountants.