UK VAT For New Successful Business – UK Top-5 Companies Which Help You Register for VAT
After you’ve started your business, the less exciting part for some entrepreneurs is registering for VAT with Her Majesty’s Revenues & Customs (HMRC).
There are four big accounting firms in the UK that are generally seen to be industry leaders and hold a large share of the market. However, if you are a new business, you may not have the funds to afford an expensive accountant.
Consequently, there are low-cost alternatives, and while they might charge lower fees, such firms are more experienced with VAT reporting. Note that registering for VAT is only a small portion of the taxation policy. Other issues relating to dividends and investments are some of the issues that newer firms struggle with.
This article looks at the top five companies that can help you register for VAT in the UK. Rather than choose arbitrarily, the list is comprised of companies that have been reviewed by customers and are trusted for their excellent customer service, professionalism and attention to detail. However, this article provides you with a list of trusted institutions that can provide valuable advice for your VAT registration.
VAT Numbers and How to Register
A value-added tax (VAT) is a surcharge paid on most items and imposed on customers by a business. The standards VAT rate increased to 20% from 17.5% in 2011, according to HMRC. Companies whose turnover exceeds £85,000 are required to register for a VAT number, which is used by HMRC to calculate how much you are required to pay.
- Most enterprises, including partnerships and groups of corporations filing under one VAT number, can register online. You can register for VAT and create a VAT online account (also known as a “Government Gateway account”). This is needed to submit VAT returns to HM Revenue and Customs (HMRC).
Will I Need an Accountant’s Help?
If you’re just getting started in business or if you’re a sole trader looking to take it up a notch and officially register your business as a limited company, hiring an accountant from the beginning can help you get off on the right foot. You may equally be in a position where you may not understand what VAT scheme to register or how to handle a particular nuance in the law.
- Tax professionals and VAT firms are useful in handling your tax issues and may possess expertise and software that you may not have. This is why you may need a specialist tax company to help you with your VAT application.
Top 5 Companies Which Help You Register for VAT
1) Sterlinx Global : Sterlinx Global is one of the UK accountancy firms that help e-commerce businesses with VAT registration and other filing services. Not only have they developed a trusted and professional service across the UK, they equally work with entrepreneurs across a variety of sectors and have verifiable experience across the UK and Europe.
They are equipped to help companies adapting to Brexit as well as those expanding into European markets. As a specialist Pan-European company, they provide VAT registration services to customers on e-commerce websites such as Amazon, eBay, and Etsy, to name a few.
2)TaxAssist Accountants: TaxAssist Accountants focus on providing a personal and professional service to a wide range of clients. Start-ups, sole traders, partnerships, limited corporations, landlords, contractors, freelancers, and individual taxpayers are among the types of businesses they assist.
They are experienced in a variety of accounting software packages, including QuickBooks and Dext, and can help you to become ready for “Making Tax Digital”. They are equipped to help with both VAT registration and the process of digitizing payments.
3)Meer and Co-Chattered Accountants: Meer & Co. is a chartered accountancy and consulting firm headquartered in the heart of London’s financial district. With over 25 years of expertise in the field, they take a customer-centric approach and sincerely care about their clients’ best interests. They remain a trusted brand in the City of London.
4)Bambridge Accountants: Bambridge Accountants are committed to providing a tax service in the U.S. and U.K. that makes tax filing straightforward. On all tax matters, they work with both locals and ex-pats. They spent the last 15 years developing a solution that is both personalized and expert for businesses, self-employed and employed professionals.
5)Clive Owen LLP: They are an award-winning, independently owned accounting firm that provides tax and business advice to entrepreneurs, growing firms, and government entities seeking assistance with their ever-changing tax compliance and advising needs. If you’re based out of London, they are the ideal match for your business.
To help you even further, you can also look for the Top-5 Tax Accountants in UK and get started!
How Should my Company Charge VAT?
After registering for VAT, you must charge 20% on top of all goods and services you provide to consumers and other businesses. Not all products are subject to 20% VAT; some are subject to a 5% rate, while others are exempt.
What is Annual Accounting VAT?
The annual accounting VAT system allows you to file only one VAT return every year. To be eligible, your annual revenue must be less than £1.35 million. The amount you pay is based on your yearly projections or previous years’ CAT amount.
What is the Benefit of the Annual Accounting Scheme?
Accounting for the year VAT simplifies cash flow management and budgeting; nevertheless, if your business performs better than expected, you may need to find more funds to complete the final balancing payment. Notify HMRC of any changes to your tax liability.
There are many reasons why you may need to register for VAT as a business or entrepreneur and while you can simply go to the HMRC, these professional and experienced companies can help you register for VAT.
- Not only are their fees more affordable than the big four, but they can also provide a more personal and professional service that suits the needs and requirements of your business. These companies were equally ranked well on Yelp and have positive reviews from their customers, which is why they can help you register for VAT.