VAT (Value Added Tax) is added to most products and services sold by VAT-registered businesses.

Burton Sweet can take the pain out of VAT compliance. We can deal with all your VAT recording and filing as part of a wider bookkeeping service, or if you prefer to keep your own books, we can simply review and file the VAT returns for you, using our MTD compliant software.

As a VAT registered business you must…

  • Include VAT in the price of all goods and services at the correct rate.
  • Keep records of how much VAT you pay for things you purchase for your business.
  • Account for VAT on any goods you import into the UK. 
  • Report the amount of VAT you charged your customers and the amount of VAT you paid to other businesses, by sending a VAT return to HMRC (usually every 3 months).
  • Pay any VAT you owe to HMRC.

Paying VAT

The VAT you must pay is usually the difference between any VAT you’ve paid to other businesses, and the VAT you’ve charged your customers. This difference (if positive) should be paid to HMRC.

If you’ve paid more VAT than you’ve charged, HMRC will usually repay you the difference.

Register for VAT

The current VAT registration threshold is £85,000 (but will be rising to £90,000 on 1 April 2024), meaning if your taxable turnover reaches £85,000 in any 12 month period you must register for VAT. However, you may also choose to voluntarily register for VAT online.

We can provide guidance and help you register for VAT, set-up the correct bookkeeping procedures and show you what to do to file your first VAT return.

VAT schemes

Burton Sweet can advise and assist you with VAT schemes such as flat rate, retail, annual accounting and margin schemes.

We specialise in areas such as VAT on property and construction, imports and exports and farming matters.

Our tax team can provide you with invaluable support and advice in the event of a VAT enquiry or dispute. Clients who subscribe to our Tax Investigation Service have cover against substantial professional fees, should HMRC open such an enquiry.

Want some clarity on VAT?

Our team will be happy to assist you in understanding what’s required of you and how best to achieve this. Get in touch to book your consultation…

Kayleigh Carey
Kayleigh Carey

Accounts and Tax Manager

01934 620011

Get in touch today

Useful information for VAT

Limited CompaniesSole Traders & Partnerships

For your business, a new government brings about a period of uncertainty. Consider how you can prepare to manage this transition and succeed…

Read more
IndividualsLimited CompaniesSole Traders & Partnerships

Read our summary of the Spring Budget 2024, with changes to National Insurance, Child Benefit and second homes…

Read more

I am a...