VAT is becoming one of the complex areas of running a business – and can be very costly if you get it wrong. Shires offer the full range of VAT Services and can advise and assist you with:
- VAT registration
- VAT returns and year-end adjustments
- VAT tax planning
- Partial exemption & De minimis
- VAT inspections and investigations
- Communicate with the VAT office on your behalf
In addition to the Standard VAT scheme we are also experienced in working with the following VAT schemes.
Cash Accounting – Only pay VAT on paid invoices and receipts this will enhance your cashflow.
Flat Rate Scheme – This is simplified VAT scheme which sometimes will suit small businesses VAT is paid to the HMRC at a flat rate percentage based on sales. We can quickly identify if this scheme is beneficial for your business.
Annual Accounting – You agree and annual liability based on your previous year’s figures and pay this to the Revenue in instalments. At year end a final return is submitted and any balancing payment becomes due either way.
Retailers Schemes – There are various schemes available for retailers and we can help you establish which one is best suited to your needs.
Margin Scheme – The margin scheme is designed for businesses that buy and sell second hand goods and collectables, it allows you to pay VAT just on the margin you make when you sell an item. Further you can still use traditional VAT accounting for purchases such as overheads.