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VAT Management

VAT and other indirect taxes affect businesses greatly and in today’s economic climate where competition is fierce and cash flow management is vital, effective management of both the risks and opportunities surrounding VAT is integral.

Comprehensive VAT Support

We can prepare your VAT returns, to give you peace of mind that they are prepared correctly and submitted on time. We can also provide VAT advice and handle VAT registrations. At Bright Balance Accounting we can help you through the entire VAT process.

  • Preparation and submission of your VAT returns
  • VAT registration services
  • Guidance and advice on VAT rate changes
  • Peace of mind with correct and timely submissions
Risk Management

Effective management of risks and opportunities surrounding VAT to protect your business.

Full VAT Process

From registration to returns and ongoing advice, we handle the entire VAT lifecycle.

Get expert VAT guidance today.

VAT FAQ

Currently, if your taxable turnover exceeds £90,000 in a rolling 12-month period, you must register for VAT. We can monitor this for you to ensure compliance.

Most businesses submit VAT returns every quarter (3 months). However, some schemes allow for monthly or annual submissions depending on your circumstances.

Late submissions or payments can result in surcharges and penalties from HMRC. We ensure your returns are prepared and filed on time to avoid these costs.

Generally, you can reclaim VAT on goods bought up to 4 years before registration and services up to 6 months before, provided you have the necessary records.

Yes, MTD is now mandatory for all VAT-registered businesses. We use compatible software like Xero to ensure your VAT records and submissions meet MTD requirements.

The Flat Rate Scheme simplifies VAT for small businesses by allowing you to pay a fixed rate of VAT to HMRC based on your turnover, rather than calculating the VAT on every purchase and sale.

Yes, if your taxable turnover falls below the deregistration threshold, we can advise you on whether it benefits your business to deregister and handle the process with HMRC.

Yes, we provide guidance on which VAT rates apply to your specific goods or services, whether standard, reduced, or zero-rated, ensuring you charge the correct amount.