At Accounting Solutions, every member of our team is experienced at VAT accounting and advice in Nottingham and all are members of the Chartered Institute of Accountants. We understand that VAT accounting and taxation can be costly, time consuming and confusing, so we are here to simplify the process and ensure you pay the minimum amount required by law. Whether you are a sole trader or a multinational corporation, we can help you to effectively plan your VAT and taxes and save your valuable time and money.
We are more than just VAT accounting specialists though. At Accounting Solutions we offer a comprehensive range of accounting services so that you can focus your attention on the other important operations in your business. Get in touch today to find out more about how we can help you with all the following accounting services:
VAT, or value-added tax, is an amount added to the cost of a product at each level of the supply chain. It is different from income tax as it is imposed based on the consumption rather than the amount of income. You must register for VAT if your business has annual taxable sales of more than £85,000 every year or you are set to go beyond the boundary in the next 30 days. In this circumstance, registration is compulsory.
However, there can also be benefits to registering your company for VAT before it meets this threshold. Once you are VAT registered you can claim input VAT on the products you purchase from VAT registered suppliers, so it can help your business to establish a stronger cash flow. With Accounting Solutions, our Nottingham Chartered Accountants can advise you on the best VAT structure for your business.
At Accounting Solutions there are a number of ways we can help you navigate the complexities of VAT:
The VAT rate of goods and services varies for some industries.
20% is the standard VAT rate and applies for most goods and services
A VAT rate of 5% is applied to some energy, protective, heating and health goods and services
A rate of 0% is applied to a certain range of health, children’s clothing, publishing and building goods and services.
Yes, goods imported into the UK are generally not exempt from VAT. The VAT is usually added to the price when paying customs. This VAT can usually be claimed back.
Yes, if you’re selling within the EU, an export VAT is probably needed (we can advise on specifics). This VAT rate depends on what is being sold and who it is being sold to.
Yes, businesses that only sell VAT exempt products and services can not register for VAT.
You can claim back VAT for:
At Accounting Solutions, Nottingham, we provide a comprehensive range of cost effective VAT accounting and tax services to ensure your business doesn’t over or under pay on your VAT returns. Upon contacting us, you will speak directly to a member of our team and receive a free no obligation consultation about how we can help your business. To reach out you can call us at 0115 929 8537, or you can drop us an email at firstname.lastname@example.org or fill out the contact form at the top of the page and a member of our team will quickly be in touch.