VAT registered sole traders and partnerships
As as a sole trader or partnership business you want piece of mind that all your financial matters are covered.
We make sure you have a good digital record keeping system in place, and can provide training and software at discounted prices.
Here are some VAT-specific areas we can help with:
Should I register for VAT voluntarily?
Businesses with taxable supplies below the compulsory VAT registration threshold of £85,000 may wish to register for VAT voluntarily. We can work out whether this would be beneficial to you and what the net effect on your business would be.
What is Making Tax Digital for VAT and does it apply to me?
The short answer is yes, it most likely does apply to you!
From April 2022 it is mandatory for all VAT registered businesses to report under MTD for VAT. This means that you must have a digital system in place for recording all your business transactions and you must submit your VAT return via your online accounting software. No other method is allowed. If you are not already using accounting software we can help you become 'a digital business'.
The various VAT schemes that are available can be confusing. We can advise on whether to go with cash accounting, flat rate, or annual accounting for example.
Once the accounts have been prepared we are ready to file your personal tax returns with HMRC. We will file as early as possible so that we can tell you in good time what your tax liabilities are going to be and what needs to be paid by when.