VAT, or value-added tax, is a good and services tax that is assessed incrementally. 
This tax is charged at the point of production, distribution, or sale of a product or service to the end user. 
A business with a turnover of more than £85,00 must be registered for VAT with HM Revenue and Customs.
When you earn less than £85,000 in revenue, you can register voluntarily, unless everything you sell is exempt from VAT. 

VAT-registered businesses submit their VAT returns and payments to HMRC four times a year.

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With the Annual Accounting Scheme you:

  • Pay advance VAT based on your previous VAT return or estimate if you're new to VAT.

  • File one VAT return per year.

  • Pay the difference between your advance payments and the actual VAT bill.
    In the event you regularly reclaim VAT, the scheme will not be suitable for your business since you can only receive one VAT refund a year.

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The Flat Rate Scheme provides the following benefits:

  • The VAT you pay to HMRC is fixed

  • The difference between what you charge your customers and what you pay HMRC is what you keep.

VAT on purchases cannot be reclaimed, except for certain capital assets over £2,000.

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We are here to help you by:

  • Getting your VAT registration number so that your business image will improve

  • Filing your returns

  • Claiming your VAT refunds

  • Reclaiming your VAT from the past