For those just starting, we guide you through the decision of whether immediate VAT registration is necessary. We remain vigilant and monitor your circumstances, stepping in to handle all the necessary paperwork should VAT registration become obligatory.
Conversely, we keep a watchful eye on your situation to identify opportunities for deregistration when they arise.
For both new and existing businesses, Belmont Accounting Services delve into the VAT schemes available to you, evaluating whether one or a combination of schemes might be more advantageous. Certain VAT schemes not only lead to potential tax savings but also reduce the burden of bookkeeping.
Our VAT services encompass preparing your VAT return, either utilizing your existing bookkeeping records or managing your record-keeping and the VAT return process entirely. We go the extra mile to ensure you claim the maximum VAT possible, especially on contentious items like mixed-use expenditure and motor running costs.
Just as with other tax matters, we can serve as your VAT agent, facilitating communication with HM Revenue & Customs (HMRC) on your behalf. While paper VAT returns have become scarce, our cutting-edge software allows us to seamlessly file your VAT returns online with HMRC.
It’s crucial to note that late VAT registration, errors, delayed VAT returns, and overdue VAT payments can result in penalties and potentially interest charges. Entrusting us with your VAT affairs not only provides peace of mind but also safeguards your hard-earned funds from being wasted on penalties and interest. Let Belmont Accounting Services take the stress out of your VAT responsibilities.
Companies can potentially lend employees up to £10,000 without incurring tax implications, provided the employees aren’t directors. This arrangement proves useful when, for instance, an employee needs to purchase their company car to avoid benefit-in-kind tax charges.
While stock valuation is typically based on cost, there’s an option to value it at ‘net realizable value’ if this amount is lower. Essentially, this approach entails valuing stock based on its potential sale value in an open market setting. Lowering the value of closing stock directly reduces taxable profits.
Recover VAT on invoices paid or received prior to registering for VAT by including input VAT on your initial return. Safeguard the relevant VAT invoices and maintain a record of adjustments made. Keep in mind that specific time limits and regulations apply to this recovery process, so it’s advisable to consult your accountant.
Claiming tax relief for designating a room as a home office might result in a Capital Gains Tax liability upon selling your residence. However, we can offer guidance on mitigating this liability through strategic measures.
If you’re liable for Capital Gains Tax (CGT) due to the sale of properties like vacation homes or rentals, filing a tax return is essential. Starting April 2020, reporting and remitting CGT to HMRC within 30 days of completion became mandatory. TaxAssist Accountants provides insights into potential tax planning opportunities to minimize your obligations. Moreover, we can manage your tax return and the 30-day report on your behalf.