Millhouses Accountancy
Stressed about VAT? VAT can be an incredibly stressful and complicated process. Due to the
VAT stands for Value Added Tax and is a consumption tax that is collected through a VAT return every 3 months. VAT is required to be charged by law on any business goods or services. That are sold by a VAT-registered business.
VAT is paid to HMRC and VAT needs to be included in all sales. This is because you will still be charged by HMRC whether you included it or not. You can claim the VAT that you have paid back and if you have incorrectly calculated it the HMRC will ensure the difference is paid.
This is where individual VAT advice & support may be more beneficial. This is because the VAT that you charge is dependent on the VAT rate that applies. There are three rates; standard, reduced and zero. For the majority of goods and services standard rate applies. However, if you are not too sure on the rate you should be charging. You can check the VAT rate on the government website.
There are also schemes available which can help keep your VAT bill low. Our Sheffield VAT support will be able to help advise you on whether there is a scheme that suits your business and your eligibility.
Getting a Sheffield accountant to provide VAT advice & support can help take the stress and headaches away from VAT because we can save you time and make sure your business gets VAT right. Call us to speak to an experienced accountant and bookkeeper for more information on our VAT advice & support can help you.
For more information about our accountancy services, bookkeeping services or XERO services, call us on Sheffield 0114 345 0960 or Nottingham 0115 882 0356
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