VALUE ADDED TAX

Are you OR should you be registered for VAT?

You should register for VAT if your turnover in the last 12 months exceeded  £70,000 or your turnover for the next 30 days will exceed £70,000. VAT thresholds change each year, so it is important that you keep up to date. 

Behind the simple principles of VAT there lies a very complex tax indeed. The method of calculation of your VAT figures can vary depending on your trade or whether you choose to use a special VAT scheme. For example you may choose to use the Flat Rate Scheme, or perhaps you have to operate Partial Exemption giving consideration to your exempt and standard rated supplies. VAT on property can be particularly problematic. In fact, it has been said that every business transaction has a potential VAT effect.

Our experience in dealng with all types of VAT over the years will allow us to give you specific advice on which VAT schemes would be best for you. We can also prepare your VAT Returns for you from your books and records.

Don't suffer in silence as you battle through the complexities of VAT legislation, give us a call on 01625 616050 or email us on enquiries@kimeobrien.co.uk and let us help you through the VAT minefield.

IMPORTANT VAT NEWS:

From 1 April 2010 many VAT-registered businesses will have to file their VAT Returns online. From 1 April 2010, if your annual business turnover was £100,000 or more in the 12 months ended 31 Decembe 2009, or if you become VAT-registered on or after 1 April 2010, you will have to submit VAT returns online and pay VAT electronically. 

For more details of these changes follow  http://www.hmrc.gov.uk/vat/start/register/signup-online.htm