Basics of VAT – an ICAEW publication
The Institute of Chartered Accountants in England & Wales (ICAEW) runs a Business Advice Service (BAS) which we are members of.
As part of the BAS commitment to UK business, we offer a free introductory meeting to any nearby company i.e. within 10km of the SW6 or TW9 post codes.
If you would like to meet up to discuss your business then please give me a call on either number at the top of the page.
In the meantime, if you are just starting out or getting to a point where you might want or need to register for VAT, you might find this PDF document, Basics of VAT , a useful read. We can help you register, consider the flat-rate scheme, which is helpful for some small businesses and also look at whether being on cash accounting would be useful.
VAT should be easy
VAT is easy to deal with most of the time for most VAT registered businesses. However, you need to make sure you have complete, accurate and up to date bookkeeping and also remember to ask for advice if a new, different transaction comes along as the rules can throw up some very odd outcomes from time to time!
The HMRC VAT helpline 0300 200 3700 is very helpful as is their website.
Tip: your business is acting as a tax collector for HMRC so consider having a second bank account into which you can regularly set aside money for VAT, PAYE etc so that the money is available when the time comes to pay it to the taxman.
As well as VAT, we offer a wide range of practical financial and accounting services for owner-managed businesses and I hope we can help you soon – don’t forget the BAS free introductory meeting!
If you’d like to find out more on how we help businesses with VAT and HMRC, visit our VAT Services page.Michael @diaryofanomb