VAT Services

Accounting Services

VAT return services with Sherwin Currid

Looking for reliable VAT return services? Sherwin Currid offers expert accountants for VAT and cutting edge VAT accounting software.

What is VAT?

Value Added Tax (VAT) is a UK tax imposed on the value added to goods and services by VAT registered businesses at each stage of production. For businesses, knowing what VAT is, when you need to register and how to file VAT returns is vital to remaining compliant with HM Revenue and Customs (HMRC). If you are VAT registered you must charge your customers or clients VAT on the applicable goods and services and pay this to HMRC.

Understanding VAT will allow you, as a business owner, to minimise your tax liability by reclaiming input VAT on anything you purchase in the delivery of your goods or services. Having an accountant who understands VAT and can help you through registration and quarterly VAT returns can be very beneficial to your business as not only can you be as tax efficient as possible but also an accountant can free up your time to allow you to focus on your business.

How a VAT accountant can help

Here at Sherwin Currid our team of accountants are experts in VAT, whether you are charging the standard rate, reduced rate or zero rates our team will be able to help and guide you through all the necessary compliance while ensuring you are minimising your tax bill. We can advise you on when you reach the VAT registration threshold and if you would benefit from the flat rate scheme or the cash accounting scheme. Our VAT advice comes from years of experience and is individually tailored to each client’s specific situation. All of our clients have their own dedicated accountant who will be on hand to answer any questions you have as well as ensure your business meets all of its filing deadlines. With the help of our VAT return accountancy services at Sherwin Currid, you can rest assured that all of your compliance is taken care of.

Accountant Explaining VAT

Who has to register for VAT?

You must register for VAT if your business exceeds £90,000 turnover in a 12 month period, this does not have to be your financial year or a tax year it is simply any period.

Example: Between 10 July 2022 and 9 July 2023 your VAT taxable turnover is £100,000. That’s the first time it has gone over the VAT threshold. You must register by 30 August 2023. Your effective date of registration is 1 September 2023.

You will remain registered for VAT until you cancel your registration, to cancel you must fall below the deregistration threshold of £88,000 turnover in a 12 month period. If you are thinking about deregistering then get in touch with Sherwin Currid to discuss the best course of action for you as sometimes it is beneficial to remain registered despite being under the VAT threshold

Voluntary VAT registration if your turnover is under the threshold

If your turnover is less than the £90,000 threshold then you can still register voluntarily. For some businesses there are advantages to registering for VAT despite not having crossed the registration threshold. By choosing to register voluntarily, you can reclaim VAT on business expenses, enhancing tax efficiency. Furthermore voluntary registration allows companies to appear more established and can make you appear more credible. Additionally, being VAT-registered can be beneficial if your clients are also registered, as they can reclaim the VAT you charge. If you are uncertain about voluntary registration, Sherwin Currid offers expert advice tailored to your specific business needs and we will gladly discuss the advantages and disadvantages of voluntary registration for your specific case.

HMRC’s Making Tax Digital for VAT

Since April 2022 Making Tax Digital (MTD) has become compulsory for all businesses that are VAT registered regardless of turnover. MTD requires all businesses to file their VAT returns using MTD compatible software such as Freeagent, Xero and Quickbooks. Our team has a wealth of experience using MTD compliant software with a broad range of clients from small business owners to landlords and contractors.

Some of our cloud bookkeeping partners:

  • FreeAgent
  • Xero
  • QuickBooks

How can Sherwin Currid help me with MTD?

Our accountants stay up to date with the latest software and tax news to ensure that you are not only compliant but also making use of the latest and best software for your needs. We ensure seamless compliance with MTD by providing our clients with cloud accounting software and offering personal guidance so you can get to grips with VAT, MTD and your software.

Get in touch with one of our team today to find out how Sherwin Currid can help you and your business.

Our VAT registration service

Our VAT registration service ensures a seamless process for small businesses. By handling the HMRC paperwork and advising on tax efficiency, we ease your administrative burden. Our expert accountants will guide you through the different VAT schemes, ensuring you are registered for the right one for your business.

We will look out for you approaching the VAT threshold and notify you when you are obliged to register if your current annual revenue is under the VAT registration threshold.

Our VAT return service

We understand the complexity of VAT returns and the importance of accuracy for your business. Our VAT return service ensures meticulous handling of your VAT. You will be able to use cloud accounting software to upload receipts and invoices on the go from your mobile phone or laptop meaning your accountant always has the latest data and can ensure you are paying the right amount of VAT to HMRC.

Your quarterly filings will be managed by a dedicated accountant who will work with you to ensure that your VAT returns are submitted accurately and on time. Our team will review your records and reconcile any discrepancies to ensure your business finances are up to date and accurate.

Do I need an accountant to do my VAT return?

To submit your VAT return accurately and efficiently, hiring a knowledgeable VAT accountant saves you time and effort. Our accountants at Sherwin Currid are well versed in all aspects of tax and compliance in addition to VAT so working with one of our team can save you a lot of time and money in the long term.

What is included in our VAT Returns Service?

Our VAT returns service includes thorough review and submission of your VAT returns, ensuring compliance with regulations, timely filings, and expert advice on any VAT-related queries.

Which VAT rate is right for your UK business?

Determining the right VAT rate for your business depends on factors like the type of goods/services you provide. Standard, reduced, or zero rates apply to different goods and services. Conversing with an accountant can help you to ascertain what VAT you should be charging dependent on your type of business.

How to register for VAT?

To register for VAT, businesses need to complete an application with HMRC. They must provide details about their business activities and turnover. Once approved, they will receive a VAT registration number.

What are the Benefits of Being VAT-Registered?

VAT registration offers several benefits for businesses. Once registered you can reclaim VAT paid on business expenses which will reduce your overall costs. Furthermore, being VAT registered gives your company more credibility which customers and suppliers will value potentially leading to more business. For a full breakdown of the pros and cons of registering for VAT in your specific scenario please get in touch and one of our team will be able to advise you.

Sherwin Currid Directors

Our founding directors, Martyn Currid and Max Sherwin, set up Sherwin Currid to help freelancers and small businesses with accountancy. Since then we have grown to look after a wide range of clients while keeping our personal, professional service.

Our Client Testimonials

Some of our clients have been kind enough to leave us reviews of our accountancy services. Don’t just take our word for it, read some testimonials to see how we help people with their business and personal tax.

Looking for a wide range of accounting support?

If you are interested in switching your accountancy to us then get in touch today.
We will organise a free consultation, where one of our specialists will talk you through your options.