VAT Services Peterborough

What is VAT?

Value Added Tax (VAT) is a tax that is levied on the value added to goods and services at each stage of production and distribution. Businesses selling VAT-able goods & services are required to register for VAT when the sum of these sales exceeds £85,000 in a 12 month period. This means that these businesses must charge VAT on top of their usual prices to their customers and pay this VAT over to the tax office. These VAT registered businesses that are registered for VAT must comply with strict regulations to ensure that they are collecting and remitting the correct amount of tax to the government. This can be a complex and time-consuming task, especially for small businesses that may not have the resources to dedicate to VAT compliance – i.e., knowing which transactions include VAT, at what VAT rate and which items are “exempt” from VAT can be difficult to navigate. This is where VAT services provided by accountants can be extremely beneficial to businesses to save stress, time and errors.

Why use an accountant to help your business with VAT?

Firstly, VAT services provided by accountants can help businesses ensure that they are complying with all relevant VAT regulations. This can include ensuring that the business is registered for VAT, calculating the correct amount of VAT to charge on sales, and preparing and submitting VAT returns to HMRC on time. By outsourcing these tasks to an accountant, businesses can be confident that they are meeting all of their VAT obligations, without having to dedicate valuable time and resources to these tasks themselves.

Secondly, VAT services provided by accountants can help businesses reduce the risk of errors and penalties. VAT regulations can be complex, and errors in VAT returns can lead to significant fines and penalties. By using an accountant to prepare and submit VAT returns, businesses can reduce the risk of errors and ensure that they are complying with all relevant regulations.

Finally, VAT services provided by accountants can help businesses save money. Accountants can advise businesses on VAT planning strategies that can help them reduce their VAT liabilities. For example, an accountant may be able to advise a business on the best VAT scheme to use, or on how to claim back VAT on purchases. By implementing these strategies, businesses can save money on their VAT bills.

Let us help your business with our VAT services provided by our certified accountants… 

By outsourcing VAT compliance to us, businesses can ensure that they are meeting all of their obligations, reduce the risk of errors and penalties, and save money on their VAT bills.

Here at LeeP Accountants we provide an efficient cost effective range of VAT services as part of our 4* & 5* packages or as a bolt-on option to our 3* package, which includes:

  • Assistance with VAT registration
  • Advice on VAT planning and administration
  • Preparation of any Pre-registration VAT claims
  • Use of the most appropriate scheme (Cash vs. Accrual)
  • VAT control and reconciliation
  • Completing VAT returns
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To find out how we can help you, simply complete the form and we’ll be in touch or call 01733 699033

    Why clients love LeeP Accountants

    Aruna Avatar
    Aruna
    01/01/24
    Always a swift response A team that will respond swiftly to questions, queries, problems. As a business I work 24/7 and its great to have interaction outside of the standard 9-5pm Monday to Friday if required. This is the 3rd year Leep Accountants have been my advisory and completed my Tax Return. I always like to have my accounts completed early and time to check over, I've never had to chase Leep Accountants with an update they are efficient and organised and manage this process well which hadn't been the case with my previous accountancy firm.
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    Ben M Avatar
    Ben M
    01/01/24
    I can't recommend LeeP Accountants highly enough. This year I was relocated to Rome from the UK for work, which has proven very chaotic in terms of my personal finances! In late November I found myself suddenly needing to submit a UK tax return at short notice, and needed help. Not knowing where best to turn - I asked my trusted mortgage broker (who has always shown superb judgement) if he knew a good accountant. He recommended Polly and the team without hesitation - and I'm extremely glad I listened to him. They were outstanding from beginning to end: highly responsive, knowledgeable and clear and took all the stress out of the situation, in spite of it being a particularly hectic, holiday period. Abolute 10/10 service - will definitely be using them again.
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    Sav Avatar
    Sav
    08/12/23
    Absolutely top class service from Polly and her team! I reached out to LEEP and straight away they were able to help me! Brilliant team Thank you Polly!
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