Our VAT Services will sort out the problem of coding and tracking Invoice information for the Government.
VAT is, in theory, a simple tax – you owe VAT on your sales and can reclaim it on your purchases, paying the difference to HMRC each quarter. However, the volumes of detailed HMRC guidance on the topic would suggest otherwise!
HMRC have provided for a number of different VAT schemes and calculation methods, each with their own qualifying criteria; some are mandatory, depending on your business sector or type, and others are optional, designed to simplify your VAT returns or improve your cashflow.
In addition, since Britain’s departure from the EU, VAT has become considerably more complicated for businesses who are involved in imports and exports, with new procedures such as Postponed VAT Accounting.