VAT

Services

REGISTRATION – THRESHOLD – RETAIL VAT SCHEMES

Helping You With VAT

Helping You With VAT

VAT Registration

must register your business for VAT if its VAT taxable turnover is likely to exceed £85,000 (current VAT Registration threshold) in a rolling 12 month period. This is not a fixed period like the tax year or the calendar year.

Many businesses can run into trouble when VAT is involved by simply not realising they owe it. In this case a company must retrospectively pay VAT on all those sales. We keep a close eye on the rolling figure and advise and take care of registration for you.

There are a number of VAT schemes to choose from, Standard Accounting, Annual Accounting , Flat Rate Scheme, Cash Accounting and Retail VAT. The scheme you choose is just as important as the trading style you use to form your business. We can talk you through the various schemes and help you make the right decision for your business. 

The Benefits Of Being VAT Registered

This may not seem too exciting but being VAT registered can add credibility to your business and give you a more trustworthy and professional image.

Once registered you can reclaim VAT on all vatable goods and services your business buys. This must offset against your vatable sales.

By registering for VAT you may be eligible to claim for VAT from the past 4 years for items that you are still using. 

%

Of Business in the UK VAT Registered

UK VAT RATES AS OF 2019/20

  • Standard Rate 20% 20%
  • Reduced Rate 5% 5%
  • Zero Rate 0% 0%
Retail VAT Schemes

Here at Domino Accounting Services, in addition to being experienced in all VAT schemes, our speciality is in Retail VAT. When you sell a multitude of products it can be hard to calculate how much you owe when some of your products are inclusive or exclusive of VAT. There are a number of measures we can tailor to make VAT preparation a less daunting task.

Which Method is best for you?

Point of sale scheme – This simplistic method is a popular choice because you can rely on a technical solution. An electronic system can calculate at the point of sale which VAT is applied for goods there and then. 

 

Apportionment Scheme – You can only use this scheme if you buy goods for resale. You cannot use apportionment if you provide services / goods that you have made or grown yourself, catering services.

 

Direct Calculation Scheme – This scheme is suitable if you make a small proportion of sales at one VAT rate and the majority at another rate.

Still unsure of what is best for you?

No need to worry we are here to help and advise you on what systems suit you best. With a quick consultation we can discuss what you need and suggest a retail VAT scheme that works for you.

FAQ ON VAT

FAQ ON VAT

What is MTD – Making Tax Digital?

If your VAT registered business has a taxable turnover above the current threshold of £85,000 you are required to submit your VAT returns via a digital link. As registered VAT Agent, we can take care of your digital submissions.

Book Your Appointment Today

GDPR

Contact

01204 771450

info@dominoaccounting.co.uk

Contact

01204 771450

info@dominoaccounting.co.uk

SOCIALS