We are Xero advisor certified accountants and we use Xero for everything, from basic bookkeeping to multi-currency account management. Xero is online accounting software that helps over 2 million subscribers save time and manage cash flow.
Making Tax Digital (MTD VAT Returns)
Making Tax Digital is an HMRC initiative that requires VAT-registered businesses above the £85,000 threshold to keep digital records and submit VAT returns using compatible software such as Xero.
If you are not already using Xero, speak to us about getting it set up. We will be able to help you make sure you are compliant for Making Tax Digital. Once we register you for online VAT filing with HMRC, we simply prepare and file your VAT returns directly from Xero VAT (monthly or quarterly).
Online returns and online payments are due one calendar month and seven days after the end of the VAT period. Go to https://www.gov.uk/vat-payment-deadlines to work out the VAT payment deadline for your accounting period.
The current VAT rates are as follows:
- Standard rate of VAT is 20% and it applies to most goods and services,
- Reduced rate of VAT is 5% and it applies to some goods and services,
- Zero rate of VAT is 0% and it applies to zero-rated goods and services.
The current VAT registration limit is: £85,000. If you are not VAT registered, we can monitor your position and let you know when you must register for the VAT as well as our opinion on which VAT scheme would be the best option for your business.
Benefits of Outsourcing Accounting
Time is everything and everything takes time. Accounting and payroll are no different. Saving you time is one of the most obvious advantages of outsourcing. A good accountant would have the ability to provide quality accounting information quickly and efficiently enough to allow you to make right business decisions at the right time.
Reduce overhead expenses
Employee hours, paid time off, sick leave, taxes, insurance, pension, it all adds up. Outsourcing saves you money in the long run by paying a fixed amount for the services offered. Every pound counts.
Improve data security
Most providers have already invested the money into highly secured servers using the best encryption technology. The amount of money you would have to invest in such technology alone is likely to exceed what you would pay for the outsourcing service itself.
Make better decisions
It can be very difficult to make quick decisions while balancing the multitude of changing accounting policies (and the treatment of such changes), technologies, etc. After all, if you are paying money to work with experts, they will have the right information you need. This information will allow you to continue to make decisions to grow your business with peace of mind.
We all have our strengths and weaknesses. Outsourcing allows you to focus limited resources on your business so you can be more profitable. You will be able to spend more time with your customers and offer them a higher level of service.
When you outsource accounting, you are counting on the fact that they are experts and they understand the complexities of regulations, compliance and taxes. Did you know that accountancy service providers, such as bookkeepers, accountants, tax advisers, payroll agents are regulated under the Money Laundering Regulations and they must abide by the code of professional ethics set by their institute?
In addition to these, outsourcing will give you access to other services (i.e. budgeting and forecasting) along with the traditional services (i.e. statutory accounts and company tax return). Another important thing to keep in mind is the amount of information and insight you might receive. A professional accountant with the right experience, will have the big picture in mind. This information, along with the advanced technologies can help you obtain personalised reports giving you the insight you need to further your business.
Coronavirus Updates and Guidance (COVID-19)
Deferral of VAT Payments due to Coronavirus
If you are a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to defer the payment until a later date or pay the VAT due as normal. Any VAT payments you have deferred during this period should be paid in full on or before 31 March 2021. If you wish you can make ad hoc payments or additional payments with your subsequent VAT returns to reduce the amount outstanding. If you are unable to pay the VAT due and need additional time to pay, please contact HMRC before the payment is due. The temporary changes to the VAT payments can be found here.
We offer a wide range of accounting services that can be tailored to your requirements, from bookkeeping to tax advice. Get in touch to find out how our highly experienced accountants can assist you and provide you with ongoing support.
We provide a full range of cost effective accounting and tax services. If you prefer to pay on a service-by-service basis, our rates range from £30 to £120 (plus VAT) per hour.
Our cost-effective monthly accounting packages and tax services are designed to help your business reach its full potential.
Need help with accounting and tax? Get your questions answered. Fill in the form and we will get back to you as soon as we can.
DISCLAIMER The information and opinions provided on this website are for general information purposes only and are not intended to constitute legal or professional advice.
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