Menu

VAT

Pearl makes sure you pay the right amount of tax in compliance with HMRC’s Real Time Reporting requirements, and ensures you never miss a deadline.

Specialists in VAT assistance

Pearl are Chartered Accountants specialising in helping small-to-medium sized businesses, contractors, landlords, and sole traders.

We’ll help you choose the right VAT scheme, and make sure you understand and comply with VAT laws and regulations.

Paying VAT – the different methods

There are different methods of paying tax, and Pearl will help you choose the right one for your business.

The different tax schemes are:

Standard VAT accounting

With standard VAT accounting you’ll reclaim VAT that you may have had to pay on your purchases. You’ll pay or reclaim the net of the VAT that you have charged your customers and the VAT that you have had to pay on your purchases.

Your VAT calculations are based on invoices raised, rather than when the invoices are paid.

Impact on cashflow – standard VAT accounting

This could either be good or bad for cashflow, depending on the circumstances. It’s bad when you have to pay VAT even when you aren’t paid for goods or services sold, but good when you can still reclaim for VAT on invoices received even if you haven’t yet paid.

Flat Rate VAT Scheme

Instead of calculating VAT on each and every transaction, you’ll pay a flat rate percentage of your turnover.

This can be good for small businesses because it makes it much quicker and simpler to account for VAT.

However, its advantage of having a rate lower than standard VAT is offset by an inability to reclaim VAT on purchases.

Cash VAT Accounting

Unlike Standard VAT accounting, Cash VAT accounting only takes into account VAT money actually paid or received, rather than just invoiced.

Since you won’t have to pay VAT on any goods or services that the customer hasn’t paid for, it is good for your business’s cashflow.

VAT accounting methods – pros and cons

Pearl will help you weigh up the pros and cons of each VAT payment method and help you choose the right one for your business.

Download Brochure Request A Call Back
FEEL AT HOME
naila

Pearls Accountants are unique as you get a personal one to one service and they always answer your queries in a fast and professional manner.

Then i first opened up as a limited company i was clueless, but Pearls Accountant kindly assisted me the best way so i felt at ease and understood how the operation works.

Everything was explained clearly in detail and i could ask as many open questions and they where happy to help.
How bigger team is on board so its quicker response turnaround.

www.nailamughal.com and www.nailamughalartistes.com

testimonial_startestimonial_startestimonial_startestimonial_startestimonial_star

DOWNLOAD FREE E-BOOK




To make sure your business stays ahead of the competition, download our free e-book full
of tips and advice from accounting and business related information.



 
CONTACT US
020 8582 0076
staff@pearlaccountants.com

ACCOUNTANTS
LONDON

Pearl Accountants London, Covent Garden

Central London Office
90 Long Acre
Covent Garden
London
WC2E 9RZ

ACCOUNTANTS
EAST LONDON

Peral Accountants East London

East London Office
29th Floor
One Canada Square
Canary Wharf
London
E14 5DY

Read More..

ACCOUNTANTS
HOUNSLOW

Pearl Accountants Hounslow

Hounslow Office
Pinnacle House,
First Floor,
31 Cross Lances Rd
Hounslow
TW3 2AD

Read More..

ACCOUNTANTS
KINGSTON

Peral Accountants Kingston

Kingston Office
Unit 3
Kingsmill Business Park
Chapel Mill Road
Kingston-upon-Thames
KT1 3GZ

Read More..

ACCOUNTANTS
HARROW

Pearl Accountants Park Royal Office

Park Royal office
Suite 618
Crown House
North Circular Road
Park Royal
NW10 7PN

Read More..

Accountants London
Company Registration No. 07078392