VAT

Professional VAT Compliance and Filing Process

Late or inaccurate VAT returns can be costly for any business, both financially and on time incurred. We can remove that risk by taking responsibility for your VAT accounting.

The Making Tax Digital for VAT (MTD for VAT) regulations add another level of complexity in the method of record keeping and reporting and we can assist you with this to ensure you comply.

By preparing returns and managing the process efficiently and effectively, our team can ease the burden and ensure the evolving VAT regulations are being met and are working for your business rather than against it.

At James Milne Chartered Accountants, we understand the intricacies of VAT compliance and the importance of accurate VAT filing. Our process is designed to provide comprehensive support:

Initial Assessment and Setup:

We begin by assessing your business’s VAT needs and ensuring that your accounting systems are MTD-compliant. This includes setting up or updating software to meet digital record-keeping requirements.

Regular Record Keeping and Reconciliation:

As part of our bookkeeping services, we maintain detailed VAT records for your business. This includes recording sales and purchases, and reconciling VAT accounts regularly to ensure accuracy.

VAT Return Preparation:

Our team prepares your VAT returns, ensuring that all transactions are correctly classified and reported. We pay close attention to VAT schemes, rates, and reliefs that apply to your business.

Review and Submission:

Before submission, each VAT return undergoes a thorough review to ensure accuracy and compliance. We then file the return electronically, in line with MTD requirements.

Advisory on VAT Matters:

We provide ongoing advice on VAT-related issues, including changes in legislation, VAT planning, and dealing with specific transactions or sectors.

Deadline Management:

We keep track of all relevant deadlines to ensure timely submission. Typically, VAT returns are due one month and seven days after the end of the VAT period.

Integration with Bookkeeping and Accounts Preparation

Our VAT services are seamlessly integrated with our bookkeeping and accounts preparation services. This integration ensures:

• Consistency: There’s a consistent flow of information, reducing the risk of errors.
• Efficiency: Streamlined processes save time and reduce the administrative burden on your business.
• Comprehensive Financial Overview: With integrated services, we provide a holistic view of your business’s financial health, including VAT implications.

Peace of Mind for Our Clients

Entrusting your VAT compliance to James Milne Chartered Accountants means peace of mind. You can be confident that:

• Compliance is Assured: We stay abreast of the latest VAT regulations to ensure your business remains compliant.
• Risks are Minimised: Our meticulous approach reduces the risk of errors, late submissions, and penalties.
• Expert Support is Available: Our team is always on hand to answer your queries and provide expert advice on VAT matters.

VAT compliance need not be a source of stress. With James Milne Chartered Accountants managing your VAT accounting, you can focus on growing your business, secure in the knowledge that your VAT obligations are in expert hands.

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