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Value Added Tax (VAT) is a consumption tax levied on goods and services at each stage of production or distribution. In the UK, VAT plays a significant role in tax collection. It’s essential for businesses to comprehend VAT regulations to ensure compliance.
HHM offers comprehensive VAT services, including registration, compliance, and advisory. Our experts help businesses navigate VAT complexities, minimise liabilities, and adhere to HMRC rules.
Value Added Tax (VAT) is a crucial component of the UK’s tax system. It’s a consumption tax imposed on the value added to goods and services at each stage of their production or distribution. VAT-registered businesses collect the tax on behalf of HMRC and then remit it to the government. Understanding VAT is vital for businesses of all sizes operating in the UK.
HHM specialises in providing comprehensive VAT services, addressing various aspects of VAT compliance and optimisation. Our services include VAT registration, ensuring businesses meet the requirements for VAT registration and helping them navigate the process.
We also assist in VAT return preparation, ensuring accurate and timely submissions. HHM’s VAT advisory services help businesses understand and comply with complex VAT regulations, minimising the risk of penalties and disputes.
Additionally, we offer support for resolving VAT disputes with HMRC, ensuring fair outcomes. HHM’s VAT experts work closely with businesses to identify opportunities for VAT optimisation, minimising tax liabilities and enhancing overall tax efficiency.
For businesses, freelancers, and professionals ensuring precise and timely financial record-keeping.
Tailored solutions for sole traders, Ltd Companies, and freelancers, ensuring financial clarity and compliance.
For individuals, sole traders, and partnerships: simplifying your income reporting to HMRC with expertise and precision.
Expert tax solutions for limited companies, ensuring compliance and optimised tax strategies.
Managing employee wages and benefits for businesses of all sizes, from startups to established firms.
Guiding businesses in accurate VAT return submissions, ensuring compliance and maximizing claims.
Crafting strategic roadmaps for startups, entrepreneurs, and established businesses to drive financial growth.
For individuals and enterprises with global earnings, navigating UK tax obligations.
Expert guidance for individuals and businesses on capital gains tax compliance and optimization.
Think of us as your financial buddies. We are here to guide you, making sure you save money while always obeying the rules. With our UK tax return accountant help, not only can you reduce your current tax bill, but we also plan for your future, ensuring lasting savings.
HHM provides comprehensive assistance with VAT registration, ensuring businesses meet all necessary requirements. Our services include:
Assessment: We assess your business activities to determine whether VAT registration is mandatory or voluntary based on turnover thresholds and types of transactions.
Application: We assist in preparing and submitting the VAT registration application to HMRC, ensuring accurate and timely submission.
Consultation: HHM offers expert guidance on VAT schemes and options, helping you choose the most suitable scheme for your business.
Documentation: We help you gather and organise the required documentation, such as financial records and business information, to support your VAT registration.
By partnering with HHM for VAT registration, you can navigate the process seamlessly, avoid potential pitfalls, and ensure compliance with HMRC regulations.
Yes, HHM provides comprehensive VAT return services, ensuring accurate and timely submissions. Our services include:
Data Collection: We gather and review your financial records and transaction data to calculate the VAT liability accurately.
VAT Calculation: HHM’s experts calculate your VAT liability, considering both input (VAT paid on purchases) and output (VAT charged on sales) tax.
Submission: We prepare and submit your VAT returns to HMRC, ensuring compliance with deadlines and regulations.
Reconciliation: HHM reconciles your VAT records with financial statements to maintain consistency and accuracy.
Compliance: Our experts stay updated on changing VAT rules and rates, ensuring that your VAT return reflects the latest regulations.
By entrusting HHM with VAT return preparation, you can minimise the risk of errors, avoid penalties, and focus on your core business activities.
HHM offers comprehensive VAT advisory services to help businesses understand and navigate complex VAT regulations. Our advisory services encompass:
Regulatory Compliance: We keep you informed about evolving VAT regulations and ensure your business remains compliant.
Tax Efficiency: HHM identifies opportunities for VAT optimisation, helping you minimise tax liabilities and enhance overall tax efficiency.
Transaction Analysis: We assess your business transactions and provide guidance on VAT implications, including VAT rates, exemptions, and special schemes.
VAT Planning: Our experts assist in VAT planning strategies, helping you make informed decisions to maximise tax benefits.
Customised Solutions: HHM tailors VAT advisory services to your specific industry, ensuring relevance and practicality.
By partnering with HHM for VAT advisory, you gain access to expert guidance, minimise risks, and make informed decisions regarding VAT compliance and optimisation.
HHM offers regulatory updates, audit preparation, documentation management, reporting, and compliance consultation to ensure businesses meet legal obligations and avoid penalties.
Review and Analysis: We conduct a comprehensive review of your business operations to identify areas where VAT optimisation is possible.
Compliance Assessment: HHM assesses your VAT compliance to ensure you’re following regulations while identifying potential areas for improvement.
VAT Planning: We develop customised VAT planning strategies that align with your business goals, helping you make tax-efficient decisions.
Tax Credits: HHM identifies opportunities for claiming VAT credits, such as those related to capital investments or exports.
Ongoing Monitoring: Our experts continuously monitor VAT regulations, updating your strategies to reflect changes and ensure ongoing tax efficiency.
By partnering with HHM for VAT optimisation, businesses can reduce their VAT liabilities, maximise available tax credits, and maintain a tax-efficient operation while adhering to VAT regulations.
A business or organisation needs to register for VAT when its taxable turnover has exceeded the VAT registration threshold. As of 2022-23, the VAT registration threshold is £85,000. This means that if the total value of a business’s VAT taxable sales (excluding VAT) goes over £85,000 in a 12 month period, it must register for VAT with HMRC.
VAT registration is mandatory once the threshold is crossed, and businesses who fail to do so in time can be penalised. The VAT registration threshold tends to go up slightly every year with inflation. Some businesses can register voluntarily even if below the threshold.
When calculating taxable turnover to check the threshold, a business needs to include most goods and services they provide in the UK, unless they are specifically VAT exempt. The UK VAT rules deem a person to be carrying on a business once they make regular, repeated or significant taxable supplies, even below the registration threshold.
For new businesses, the 12 month period is measured starting when the business made its first taxable supply. For an existing business crossing the threshold, the 12 months are calculated based on the turnover immediately preceding the month of breach.
Once registered, a business remains registered for at least 12 months even if turnover falls below the threshold again. A business can apply for exemption from VAT registration if its supplies are almost all zero-rated
