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VAT (Value Added Tax)



Kms Accountancy can assist you with VAT registration and VAT deregistration. We can complete your VAT returns as part of our bookkeeping services or we can simply check your figures each quarter.


VAT - So what's it all about?

VAT! The dreaded tax that everyone seems to hate and tries to avoid like the plague.


VAT is the tax that applies to most business transactions that involve a supply of goods or a service.


You must register your business for VAT once the level of turnover reaches a certain amount. Currently £67,000. So once your turnover exceeds £67,000 in any rolling 12 month period you must complete a VAT1 form (this is the VAT registration form).


Even if your turnover is below these levels you may consider a voluntary registration.


So how does the VAT system work?

Once you have registered you will be given a VAT number.  In simple terms the VAT you charge on your sales (output VAT) is paid to HMRC and the VAT you pay on goods and services (input VAT) is reclaimed from HMRC. This is all summarised on a quarterly VAT return - there are monthly and annual returns too.


The VAT return itself will be due one month after the return period it relates to. So, for example, the return covering the three month period June, July and August will be due at the end of September. The payment will also be due at this time. HMRC accept all methods of payment and even grant you an additional 7 days grace for online payments - although the payment has to have cleared - so in theory this is only the equivalent of an additional 3 days.


Whatever the problem or requirement Kms Accountancy can assist with your VAT. Please contact us for more details.

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