What has to be one of the most annoying parts of living in this country – VAT, or Value Added Tax. Virtually everything you buy has VAT added on top of the base price, and that’s on top of all the other taxes that are applicable to the item. And things can get much, much worse when you are running a business, either as an individual or as a board member.
However, don’t despair just yet. Jemmett Fox have a VAT expert on hand to help you get to grips with this most irritating of taxes, and we guarantee that when you work with us, you’ll never have to worry about your VAT again.
You don’t actually have to start worrying about VAT until your turnover reaches a certain level. Even when it does, you have a couple of options available to you. You can either register for standard VAT, in which case you pass all costs on to your customers, or depending on your income levels you could register for a Flat Rate Scheme (FRS) which could be more beneficial and could cut down on your paperwork. We’ll explain each other these options to you fully, and we’ll also help you with record-keeping and submitting your VAT returns.