All traders must register for VAT if they make taxable supplies which exceed the set limits.
Where the value of taxable supplies in the previous 12 months was more than £68,000, or is likely to exceed this annual limit within the next 30 days, the trader has to register within 30 days. Failure to notify on time attracts penalties.
Registered traders normally have to submit VAT retus, and pay any VAT due, every three months.
Traders who regularly reclaim VAT from Customs and Excise may apply to submit monthly retus.Some large companies have to pay monthly.Tax on imports from outside the EU has to be paid at the time of importation, unless special arrangements are set up.Traders with a tuover of £1,350,000 a year or less can complete annual retus only, making nine monthly VAT payments on account, with a final payment due along with the year-end retu.
Very small businesses can simplify their accounting by applying to pay VAT at a flat rate on total tuover without deducting input tax. The business must have taxable tuover (including exempt supplies) up to £150,000 and total tuover of not more than £187,500. The rate is determined by trade sector.
Penalties are charged for late or incorrect VAT retus.
Whether you require advice in issues arising with your own payroll calculations or need help in running a payroll, we can help.
Our assistance includes:First Steps - advice on when the necessity to make payroll deductions arises, setting up the records, Inland Revenue registration, advice on calculations.
Every business should have a good accountant who adds value to a business. Contact us today to find out how we can help you.
15 Perry Road, Sherwood, Nottingham, NG15 6AD