So what is VAT?

VAT is a tax that is added to products and services that are charged by VAT registered businesses. If your turnover is close to the threshold of £85,000, you will need to consider VAT registration.

Palmer Riley can provide help with registration, preparing returns and we can advise on any queries you have. We can also help provide assistance with HM Revenue & Customs enquiries and inspections.

There are many different things to consider with VAT, whether it is the different thresholds for registration, de-registration, Flat Rate Scheme (FRS), cash accounting scheme to name a few.

If you are unsure of turnover levels and if VAT effects you, we can monitor your turnover levels and advise on the best course of action.

We use a number of different software packages, and can advise which would be the most suitable for your business. The software we use:

  • Xero
  • Quickbooks
  • Sage
  • Vital Tax

What is Making Tax Digital (MTD)?

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. All VAT-registered businesses are required to follow the Making Tax Digital rules by keeping digital records and using software to submit their returns.

With the introduction of Making Tax Digital, it is essential you have detailed records of all your financial transactions and, just as important, know where to find them.

If you are unable to comply with MTD, we can help is making an application for age exemption, technology or on religious reasons.

Get a free initial consultation

To find out more about our services and how we might be able to help you or your business give us a call or drop us a line.

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Our Accreditations

We are members of the ICAEW (The Institute of Chartered Accountants in England & Wales). Our team are also trained and qualified on the most popular accounting systems. Palmer, Riley & Co is a Silver Partner of Xero and are Certified ProAdvisors for Quickbooks.

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