Value added tax (VAT) is one of the most recognised taxes that you will see on a day-to-day basis. Whether you are adding VAT to your sales invoices or you are paying it on your business purchases.
If the turnover of your business surpasses the registration thresholds set by HM Revenue and Customs then you must register for VAT. You can also register for VAT voluntarily at any time which may work out to be advantageous to your business.
At Spectrum we can help guide you through the registration process, prepare your VAT returns and provide you with advice on any VAT issues you may have.
We can also identify any VAT schemes that may be available to your business to help ease the complexity of your VAT reporting. The schemes available include the cash accounting scheme, flat rate scheme and the annual accounting scheme.