Value Added Tax (VAT) is seen as one of the most complex areas of accountancy for any business owner, with so many rules and exceptions to consider. NBAS Chartered Accountants can help you navigate this process to make sure you don’t underpay or overpay to HMRC.
It is a type of consumption tax that is placed on products at either the production or retail stage. VAT reporting is a requirement and needs to be completed on a monthly, quarterly or an annual basis. The return itself summarises the VAT received and spent on sales and purchases during the time period.
A payment will need to be made to HMRC if the collected amount of VAT is greater than VAT spent. If the amount of VAT spent was greater, HMRC will reimburse you.
We here at NBAS offer our team of specialists who will help to navigate you through the process and ensure all VAT registration procedures have been met.
I had historically completed my own tax returns, but recently due to pressures of work had taken my eye off the ball.
We asked Nigel to analyse our financial affairs and he has already saved us many thousands of pounds, with the prospect of further bigger savings to come from previously declared returns.
He is diligent, communicative and we would recommend him without exception to anyone.
Working with Nigel has been a pleasure and very insightful.
His patient approach in explaining the account procedures of my business has been most welcome. As a start up company Nigel has taken away the pressure of the accounting side, which has saved my company time and put me at ease that the accounts are with a trusted and highly skilled professional person. Would happily recommend Nigel to any start up business or existing business.
I was so grateful and relieved to have found Nigel and given him both my corporate and personal tax affairs to deal with. Having had a somewhat chaotic experience with my previous accountant.
I was delighted to find that Nigel was efficient and communicative. Of greatest value to me was his willingness to be available and patient with all the queries I had, and there were many! Another immensely important aspect of the work he has done for me is that he has saved me money! I am finally worry-free regarding my tax affairs as I know I am in extremely good hands.
This is my first time being self-employed and I found the idea of being responsible for my own tax affairs a daunting experience.
Nigel, during our very first meeting, put my mind at ease with regards to tax payments and offered advice on the benefits of being VAT registered which I was previously unaware of. Nigel also advised and assisted with the transfer of my business into a limited company and took care of all the necessary paperwork required.
I am a natural worrier but Nigel responded quickly to my queries, whether by email or face-to-face meetings, and I am confident that my business is in safe and competent hands.
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