Value Added Tax (VAT) is a tax collected from customers on goods and services which is then paid to HM Revenue and Customs (HMRC). From the point of the buyer it is a tax payable on goods purchased and from the seller’s perspective it is a charge for production of goods or services – the seller must be registered for VAT in order to charge VAT. Your company or organisation must be registered if turnover exceeds certain limits, currently £85,000. To charge VAT you will need an accountant for VAT advice and to take care of your VAT returns. Your local AIMS Accountant can advise on all aspects of VAT.
As with all taxes there are deadlines for submission of your VAT returns and payment of outstanding tax – miss these and you could be liable for a penalty from HMRC. VAT may seem like a minefield to any small business owner but to an AIMS accountant VAT is familiar territory.
Your AIMS accountant will make sure that your VAT returns are filed and tax paid on time – that’s the hard part taken care of. Our accountants can take a close look at your business and can advise and assist with all of your accounting and tax requirements. This leaves you with piece of mind to run and develop your business and with an AIMS accountant VAT worries become history.