Value Added Tax

Let us take the work out of your work/life balance

Dunhams Value Added Tax Services.

VAT is a tax that effects everyday life as well as the business administration you have to comply with in a modern business?

Here at Dunhams, VAT is one of the que accounting services we offer.

This service is designed to help you attain the best approach to administrating your Vat obligation. We offer several levels of support from a complete VAT Services of managing all the VAT obligations for you, through to an overview services to ensure you have been able to complete and manage the tasks required, and avoid any issues with HMRC.

Value Added Tax from Dunhams Accountants in Manchester

Get Dunhams support with your VAT Returns

Common VAT services

Preparation of quarterly VAT returns
Quarterly partial exemption calculations (including annual summary)
VAT health check

What is VAT.

VAT is a form of consumption tax – that is a tax applied to purchases of goods or services and other ‘taxable supplies’.

“In the United Kingdom, the value-added tax was introduced in 1973 and is the third-largest source of government revenue, after income tax and National Insurance. It is administered and collected by HM Revenue and Customs, primarily through the Value Added Tax Act 1994. Wikipedia”

VAT is a Business Tax

It is managed by HMRC on behalf of the government of the day.

VAT Support

HMRC Overview

“You usually submit a VAT Return to HM Revenue and Customs (HMRC) every 3 months. This period of time is known as your ‘accounting period.’

The VAT Return records things for the accounting period like:

your total sales and purchases
the amount of VAT you owe
the amount of VAT you can reclaim
what your VAT refund from HMRC is

You must submit a VAT Return even if you have no VAT to pay or reclaim.

HMRC will even send you email reminders to assist you in keeping up to date with your VAT administration.

Make VAT simple get Dunhams to do it for you!

Here at Dunhams we can assist you with all the advice and support you need. We regularly reference HMRC’s information website sources with wealth of guidance and support on all aspects of the VAT System.

These systems cover a wide range areas where VAT is applicable.

HMRC Business Tax website information

Accounting for VAT

VAT record keeping
VAT Annual Accounting Scheme
VAT Cash Accounting Scheme
VAT Flat Rate Scheme
VAT margin schemes
VAT retail schemes

Exchange rates
VAT returns
How to pay VAT
Reclaiming VAT
Charging VAT
Importing and Exporting goods and services
Overseas businesses and UK VAT
Rules for particular trades
VAT notices and notifications

Common questions about VAT

What is the VAT rate in 2019?
How much is VAT in the UK?
What is VAT charge?
- Vat rate (February 2019) is charged at 20% in the UK.
How do I calculate VAT?
- There are many online calculators to help you find the VAT value to add to a product or service.
- You can also use a normal calculator, (item price *20% = total price with vat).
How much do I have to earn to pay VAT?
- At present as a business you
Do I have to pay VAT?
- the UK VAT registration threshold will be £85,000 for the tax years 2018/19 and 2019/20
Who pays value added tax?
- The seller of goods and services charges VAT to the buyer, and the seller pays this VAT to the government.
Does plus VAT mean including VAT?
- When advertising the price of a product or service some businesses may give the price without VAT, then indicate that VAT needs to be added to the price for the final sum, hence the statement plus VAT.
- Value Added Tax is the tax you have to pay whenever you buy products. It is levied on most business transactions and goods from certain services. However, VAT is not included on all products, some are excluded from VAT, such as food, clothes, newspapers and magazines.