VAT
VAT that works for you
VAT made Simple
VAT rules are complex and the implications are often not considered until too late. VAT planning requires in-depth knowledge, and awareness of current legislation. The VAT system is policed by HMRC with heavy penalties for breaches of the legislation. Ensuring that you comply with all the VAT regulations is essential.
Why Smith Hannah
VAT done right
We provide an efficient and cost effective service with dedicated staff to help you consider the full impact of VAT at all stages of your business development. We will help you to plan robustly, minimise your exposure and maximise your cash flow position.
We can assist you in a number of ways, including :
- Tailoring your accounting systems to bring together the VAT information accurately and quickly
- Provide assistance with the completion of VAT returns
- Assist with HMRC VAT reviews and negotiating with them if disagreements arise
- Advising as to whether any of the available schemes may be appropriate to you
Our Values
- Client Focus
Our clients benefit from an integrated approach based on understanding the key issues facing their businesses.
- Integrity
As an established independent firm, we pride ourselves in creating and sustaining supportive relationships . Integrity is a core aspect in everything we partake in.
- Innovation
We aim to tailor our services to meet our clients’ specific needs. We offer innovative solutions to our client’s complex issues.
Speak to one of our VAT specialist
Get in touch today with one of our VAT specialist.
Abdul R Bachu FCCA | Head of Audit and Assurance
Abdul started his career in professional practice and has considerable experience in industry, having worked for a number of successful businesses in Leicestershire. Abdul qualified as a Chartered Certified Accountant with Smith Hannah. He is a Senior Manager and part of our assurance and advisory team. He enjoys collaborating closely with owner-managed businesses in meeting both their compliance requirements and their day-to-day needs. He also services our larger audit clients from various industry sectors. Outside of work Abdul likes to spend time with family.
Shiraz Patel ACA | Head of Audit and Assurance
Shiraz is a Chartered Accountant with over 10 years’ experience in servicing SME’s across the UK with particular specialism in property and tech start-ups. Shiraz manages client relationships from start to end with a particular focus on business advisory. He is also the firm’s Xero champion and assists clients in automating their financial processes. He is a frequent Linked-in user sharing useful tax saving and accounting advice. Shiraz is focussed and proactive in his approach and is actively involved in high level project work, including due diligence, tax investigations, tax planning, and other ad-hoc work. He also undertakes in house training and acts a focal point for any technical queries. Outside of work Shiraz is a keen gym goer, enjoys travelling and is a Manchester United fan.
Frequently Asked Questions
VAT is a consumption tax applied to goods and services. Businesses add VAT to the price of the goods and services they sell, and they can reclaim VAT on the goods and services they purchase from other VAT-registered businesses.
Businesses must register for VAT if their taxable turnover exceeds the VAT registration threshold (currently £90,000). Voluntary registration is also possible for businesses below this threshold.
The main VAT rates in the UK are:
- Standard rate: 20% (applies to most goods and services)
- Reduced rate: 5% (applies to some goods and services like children’s car seats, domestic energy, etc.)
- Zero rate: 0% (applies to items like food, books, and children’s clothing)
- Exempt: No VAT is charged (applies to certain services such as insurance and financial services)
- Out of scope: Transactions not subject to VAT at all (e.g., salaries)
You can register for VAT online via the HMRC website. You’ll need your business details, including your turnover and tax information. If you are registering voluntarily, you’ll need to follow the same process.
A VAT return is a document you submit to HMRC detailing the VAT you’ve charged on sales (output tax) and the VAT you’ve paid on purchases (input tax). VAT returns are usually submitted quarterly or annually, depending on your business’s VAT scheme.
Our Approach: We do all the work for you
Our clients benefit from an integrated approach based on understanding the key issues facing their businesses.
This enables us to meet their needs at each stage of development and allows them to focus on building the value of their business. We have strong skills and resources in the region and our clients’ results prove that.
Why Smith Hannah?
We take care of everything so you don’t have to. As Chartered Certified Accountants, we offer a wide range of business advice and accountancy services tailored to meet your requirements. When you engage us, you can be confident that the work will be carried out by dedicated professionals. We view individual client relationships as our most valuable asset and this philosophy extends to everything that we do. You’ll have one less thing to worry about, which means a happier workforce and better time management for your business.