VAT is an extremely complicated tax, governed by a huge amount of legislation. Realistically it is probably impossible to get it all right, but we are here to help. We will ensure your accounting system is set up correctly in the first place. Making sure zero rates, exempt rates and outside the scope of VAT are set up correctly; they may all mean no VAT but they do not appear together on the VAT return.
We will then review your transactions to see if the VAT is correctly treated; claimed where it should be and not claimed where it should not.
We will explain the differences between VAT treatment on certain expenses such as personal expenditure in your accounts, entertaining and travel.
We can chase missing invoices and paperwork, as VAT can only be recovered when invoices are available. We can also sort out VAT on regular payments such as rates, rent, and finance agreements, some of which may include VAT, and some not.
We will also advise on the best VAT scheme for you, from cash accounting to accruals accounting, explaining the difference and the implications of your choice. VAT can also be dealt with monthly, quarterly, and annually, and there is the fixed rate scheme as well as dealing with exempt supplies.
Strategic Planner, Xero.
Guy Robinson is the founder and Managing Director of Xebra Accounting, specialising in strategic planning for small to medium sized businesses.
023 8000 1313