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| VAT Services
In the United Kingdom a business must apply to be registered for VAT if its turnover, within the scope of United Kingdom VAT, is in excess of £68,000 per annum. Business may apply for voluntary registration where turnover is below this threshold if it can demonstrate a commercial reason for requiring VAT registration.
To obtain registration for VAT in the United Kingdom, the company should be able to show that it is making a taxable supply of goods or services in, or from, the United Kingdom. Alternatively the company should show that it is making supplies abroad that would be taxable supplies if made in the United Kingdom.
Once registered the company must complete quarterly VAT returns and, where appropriate, EC sales lists. Any VAT due to Customs must be paid during the 1 month following the end of the VAT quarter. Penalties are imposed when returns are submitted late. Any refunds of VAT due are made directly to the company business bank account. Once registered, United Kingdom HM Revenue & Customs can exercise their rights of access to the records and books of the business at any time, in order to check the accuracy of the VAT returns. This often happens when a repayment is due.
Gilchrist & Co Vat Services
Gilchrist & Co can register United Kingdom companies for VAT and provide VAT administration services. The process usually takes about a month unless further queries arise during the application process. Registration is given at the discretion of HM Revenue & Customs. Gilchrist & Co cannot guarantee that a business will be registered, or that it will continue to be registered following an inspection of the records. Gilchrist & Co will however, if required, advise how problems can be minimised. Our standard fee for VAT registration is £150 and £150 for administration per quarter.
Our VAT service includes:
- Acting as VAT agent and providing a United Kingdom address as a point of contact for HM Revenue & Customs - Advising when VAT returns are due and requesting copy invoices
- Scheduling the sale/purchase invoices received, and compiling the quarterly return
- Advising of any VAT due or passing on any repayments received
- Completing EC sales lists
- Attending VAT inspections made by local customs officers
- Dealing with correspondence and telephone enquiries received from HM Revenue & Customs in relation to the business
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