What is VAT?
So first of all what is VAT. It stands for Value Added Tax and it will be added to a lot of things that you buy and sell in the UK. Once your business turnover has reached £85,000 a year you need to register for VAT with HM Revenue and Customs.
There is a useful small business guide on VAT on the Xero website here: https://www.xero.com/uk/resources/small-business-guides/accounting/guide-to-vat/
You may have also heard of Making Tax Digital (MTD). This started in April 2019 and if you’re a business with a turnover of £85,000 you may already be enrolled in MTD.
How can we help you?
Keeping track of your business finances can be time-consuming for any business so you can hand over your bookkeeping and VAT returns to us and we can take care of your bank reconciliation and other bookkeeping needs then review your transactions to work out your VAT liability or refund and submit your return on your behalf.
If you want to manage your own bookkeeping in Xero but you are unsure of some of the VAT elements then we can help you by going through your transactions and submitting your VAT return correctly on your behalf, so you can pass the stress and worry of your VAT returns over to us.