Value Added Tax (VAT) Service
Value Added Tax (VAT) is a tax on goods and services applied at each stage of production and sale. Unlike sales tax, VAT is collected at every step, ensuring fairness and reducing tax evasion.
Understanding VAT is essential to stay compliant and manage your businesses finances effectively, Malones Accounting can guide the way for you and your business.
Prices starting from £80 per return
Malones VAT services
Navigating the VAT system can certainly be difficult and confusing. The annual threshold before you need to register for VAT is currently £90,000.
Getting VAT wrong can even mean under-or over-paying VAT, leading to fines or lengthy periods of trying to reclaim overpaid tax.
Malones are experts in this area and can assist you with VAT services ensuring timely processing and submission of your VAT returns.
What happens when I reach the VAT threshold?
If you exceed the 12-month £90,000 threshold, you must register with HMRC within 30 days of the end of the month you surpassed the threshold.
Your registration date is then the first day of the second month after you exceeded the threshold.
What is ‘Maxing Tax Digital’ (MTD)?
MTD is a UK government initiative that requires businesses to keep and file their tax records digitally. Instead of traditional paper-based methods, businesses use digital tools to maintain records and submit VAT returns online.
It is essential that your finance software allows this functionality, By partnering with Malones, you benefit from a seamless, compliant, and efficient VAT experience, allowing you to focus on growing your business while we handle your financial documentation with the utmost accuracy and care.
