VAT Accountants

VAT Accountants Nottingham
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    VAT (Value Added Tax) is famously complicated thanks to the many VAT responsibilities and compliance requirements. As your accountant, we will ensure your business’s VAT affairs are in perfect order so you stay on the right side of HMRC and do not overpay.

    Welcome to Archimedia Accounts, VAT accountants

    At Archimedia Accounts, we are experts at VAT accounting for small businesses. As your dedicated accountant, we will support you with your VAT returns and ensure they are filed accurately and on time to HMRC.

    We’ll also work closely with you to conduct regular tax planning sessions throughout the year, helping you minimise your VAT and additional tax liabilities as much as possible.

    Get in touch today to learn how our VAT service can help your business maximise profits.

    What does a VAT accountant do?

    There are hundreds of transactions in a business, which must all carry the correct VAT code. VAT accountants have extensive knowledge of VAT compliance and the latest legislation, and it is our job to ensure your transactions are coded accurately to keep your business in top form.

    The most efficient way to do this is with the latest cloud accounting software, such as Xero, to help you meet your obligations under Making Tax Digital.

    Then, once per month or quarter (depending on your VAT accounting period), we can check your VAT calculations before submitting your VAT return to HMRC. With our professional insights, we can help your business take advantage of any reliefs and schemes available to fully optimise your VAT payment.

    Why use an accountant for VAT?

    While some business owners may choose to handle their own VAT returns, it’s important to keep in mind that mistakes can happen, which could end up having costly penalties.

    VAT is one of the most complicated taxes and tends to be treated with intense scrutiny by HMRC. A VAT inquiry can be daunting at the best of times!

    Seeking professional guidance from our VAT accountants will ensure that your VAT obligations are done correctly, helping you avoid any potential issues down the line. We know the law inside out and carry out a thorough VAT procedure that ensures every single business transaction is correct, from the initial bookkeeping stage to filing the VAT return.

    While compliance is key and one of the most important aspects of VAT accounting, you also want to ensure you’re saving as much VAT as you’re entitled to. That’s what our accountants specialise in. We’ll advise you on the best VAT scheme to help you save more of your profits, such as the VAT Flat Rate Scheme, Cash Accounting, Margin Schemes or Retail.

    We’ll also identify areas that could be losing your business a significant sum of money each year, including:

    • Non-business use
    • Entertainment
    • Vehicles and fuel
    • Complications with overseas suppliers/customers
    • “Non-standard” transactions
    • Capital items

    You can rest assured that we will leave no stone unturned when it comes to finding VAT savings to benefit your business.

    Our VAT services

    At Archimedia, we are VAT specialists, providing a range of services that can be fully tailored to your business needs, time and budget.

    We’re here to help you reach your financial goals.

    Bookkeeping

    Whether you’re looking to “add on” to your existing bookkeeping process or want a certified accountant to take over the entire service, our experienced accountants can provide comprehensive support.

    Our bookkeeping services are suitable for businesses large and small, with a detailed focus on VAT liabilities. We’ll ensure your transactions are accurate and up-to-date and that you have the correct VAT coding ready for your monthly or quarterly VAT returns.

    VAT returns

    Let us take the lead when it comes to VAT returns to save you time and hassle.

    Our team will ensure a meticulous approach, accurate calculations, organised documentation, and timely VAT submissions. We will make sure you know when to pay VAT and how much is due. By optimising your VAT returns, we’ll help push you closer to your financial goals.

    Xero for digital VAT returns

    We’re helping VAT-registered businesses embrace modern accounting practices by implementing Xero accounting software into their VAT processes. With Making Tax Digital for VAT being made compulsory in 2022, businesses are now required to maintain their VAT records and submit returns digitally.

    We’ll help you stay compliant, speed up your processes and maintain more accurate records by utilising MTD-compatible software.

    If you’re committed to alternative accounting software, such as Sage, we’ll still be able to provide an effective VAT service by using smart bridging software.

    A full VAT accounting service

    While we can offer targeted support for specific VAT needs, most of our clients find it beneficial for us to take care of the whole VAT accounting process.

    We provide comprehensive support with bookkeeping, VAT planning and tax returns. That way, you can rest easy knowing that your business remains compliant while making impressive tax savings. It also gives you back more of your valuable time to concentrate on your business and your family.

    Take a look at our reviews – we love to read what our happy clients have to say about our services!

    Get in touch with Archimedia Accounts for your VAT return

    The team at Archimedia Accounts are here to help with all of your company’s VAT issues, from tax planning to bookkeeping and tax returns. As your dedicated VAT team, we’ll not only keep you compliant but we’ll also provide expert advice and identify valuable savings opportunities to make sure your company minimises its VAT liabilities.

    We can also offer professional business planning advice and additional accounting services to ensure your company accounts remain in good shape for the future.

    Please get in touch today to find out how our VAT accounting services can take your business to the next level.

    FAQs

    For more information about VAT, take a look at some of our most popular questions below.

    Why should I register for VAT?

    It is essential to register for VAT as soon as your annual turnover exceeds the VAT threshold, which currently sits at £85,000. Once you are VAT-registered, you will start to charge VAT on services and products provided and can claim back VAT on goods and services your business purchases or pays for.

    Registering for VAT at the right time keeps your business compliant and prevents you from stumbling into issues with HMRC.

    Do sole traders have to register for VAT?

    Yes, regardless of whether you are a sole trader or a limited company, you must register for VAT once you exceed the threshold.

    Do you have to be VAT registered to claim VAT back?

    Your business will need to be VAT registered to claim VAT on any goods and services your business purchases. There is one small exception to this if you’re an overseas visitor. But in all other cases, you need to be VAT registered.

    How do I calculate VAT liability?

    VAT liability is calculated by deducting all the input VAT (i.e. the VAT you claim back on items you’ve purchased) from all the output VAT (i.e. the VAT you charge to your customers). We understand that VAT rules can be complicated, which is why we offer a full and flexible VAT accounting service.

    Can an accountant help me register for VAT?

    Whether you’re a growing business that has reached the VAT threshold or want to register voluntarily, our experienced VAT accountants can certainly help you with the VAT registration process. We’ll take care of the admin and ensure your details are accurate, putting you in the best position to start submitting VAT returns.

    What are VAT schemes in the UK?

    Aside from the standard VAT accounting method, there are a handful of VAT schemes available to businesses in the UK. Each scheme will vary depending on your business’s size and industry.

    Flat Rate Scheme: available to small businesses with a taxable turnover under £150,000. It enables you to pay a fixed rate of VAT based on the type of business you run. It can simplify the admin work; however, you cannot reclaim VAT on purchases.

    Annual Accounting Scheme: allows businesses with a VAT taxable turnover of under £1.3 million to make advanced VAT payments based on their previous year, submitting only one annual return rather than quarterly returns. This method may save time and effort, but you will pay estimates, so accuracy is key.

    Cash Accounting Scheme: differs from standard VAT accounting in the sense that it allows businesses to pay VAT when they receive payments from customers rather than when they send invoices. It can be highly beneficial for cash flow, but it does require a good level of record-keeping.

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