Avoid Overpaying VAT – Get a Professional VAT Health Check Now!
As a business owner, you may find that your VAT returns can be a frustrating task. Understanding VAT rates and regulations can be complicated, leaving you unsure if you are paying too much tax without realising it. That’s why McKenzies Accountants has developed a VAT Health Check service that can help ensure you are not overpaying on VAT, giving you peace of mind that your business accounts are correct and up to date, allowing you to focus on running your business.
VAT explained
VAT is imposed as a percentage of the net invoice value of goods and services, and currently stands at 20%. However, some goods and services are subject to domestic reverse charge, reduced rates, zero rated, or outside of the scope entirely. This can create confusion when trying to determine what VAT should be charged, resulting in overpayment and the risk of financial penalties.
There are two methods of accounting for VAT, being the standard (invoice) basis or cash basis, and various schemes that some businesses can use, such as second-hand, marginal, or flat-rate schemes.
VAT Health Check
With so much to consider, navigating VAT can be challenging and can put an added burden on your business finances. That’s why we offer a comprehensive VAT Health Check service. With this service, you can feel confident that your accounts have been thoroughly evaluated allowing you to operate your business efficiently.
Our experienced team of accountants and tax advisors will work with you to identify any areas where you may qualify for reclaiming back overpaid taxes. Through our Health Check service, we examine your VAT returns and the rates you have applied to ensure that you are compliant and not overpaying on VAT.
VAT Reclaims
Reclaiming back overpaid VAT can be a long and time-consuming process, but with our expertise, we make sure you get the maximum amount you are entitled to as a company or individual. It is important to ensure that you are charging out VAT at the correct rates too, which we can also help with, preventing any further overpayments from occurring.
McKenzies accounting services Croydon
If you are a UK based small business owner and want to avoid overpaying on VAT, it’s time to consider getting a VAT Health Check from McKenzies Chartered Accountants. With our experienced team, you can rest assured knowing that your accounts have been reviewed comprehensively, and any overpayments will be identified and refunded, ensuring your finances are in the best possible health.
Contact us today to find out more about our VAT Health Check service and how we can help you save money on VAT.
Our experienced team of local accounting professionals can also help with your annual accounts, business plans and tax planning.