If your business's turnover exceeds the VAT Threshold (currently £90,000) in a twelve-month rolling period, you must register for VAT with HMRC. You can also volunteer to become VAT registered if your income is below the threshold. In both circumstances, you will need to register with HMRC's Making Tax Digital (MTD) for VAT scheme.
DWilkinson&Company can explain the VAT process, including:
- Registering or de-registering.
- Preparing and submitting your VAT returns, ensuring you comply with MTD for VAT.
- Recommending which software to use.
- Providing guidance on VAT rate changes.
- Advising on the Construction Industry Scheme VAT reverse charge.
If you have any questions about VAT and your business, contact us today for a Free Consultation.
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Our tax team makes sure that your tax liability is calculated correctly, taking into account all allowed exemptions and deductions. We simplify and streamline the process by using online accountancy software to accurately complete your income tax returns and calculate any tax liability that may be due, along with any payments that need to be made. We give you as much notice as possible on how much tax is due and when it needs to be paid. We will also notify you if any tax refunds are due from HMRC.
For individuals with an annual qualifying income over £20,000, Self Assessment is being replaced with Making Tax Digital (MTD) for Income Tax. Please visit our MTD for Income Tax page to learn how this will affect you.
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Corporation tax reliefs and rates change regularly. We keep up to speed with these changes to provide you with the correct guidance when considering possible exemptions, allowances, and deductions. We will review and prepare corporation tax returns and file them with HMRC and Companies House so that you have peace of mind that you are complying with the relevant authorities and you don't incur any penalties.
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If you are considering buying, and more importantly selling, investments, a second property, or another asset, our team can explain this difficult area of tax and advise you on the best ways to maximise your exemptions to reduce your tax bill.
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We are experts in all aspects of personal tax, including income, capital gains, and inheritance taxes. We know it can be challenging to understand these taxes, so we guide you through every step, creating a tax planning strategy tailored to your personal and financial circumstances. This can help you or your family pay the least amount of tax. Our friendly team will advise when payments are due and what forms must be filed and returned to keep you compliant.
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