VAT Accountants

Complete VAT accountancy services, from VAT compliance to accurate VAT return filing by KISL Accounting. Our services are tailored to serve SMEs and small limited companies. Our VAT accountants guide your business through every tedious task in this domain.

Trusted accountants in Bexleyheath, Sidcup, Welling, Erith, Belvedere, and Dartford. 

VAT Return Services for Small Businesses

VAT returns are different from personal tax returns and need to be handled separately. Completed VAT Returns indicate how much you owe to HMRC or alternatively, if you are due for a refund. As VAT is now the most common form of consumption tax system used around the world, it plays a very important role in any business. Our expert VAT accountants have mastered this domain. 

Why Do You Need VAT Return Services? 

VAT can be confusing, especially if you are new to running a business or are a small business. You may not have the necessary staff to do tax returns, cash accounting, or sort out a flat rate scheme. If you need support with VAT, then our expert VAT accountants in Bexleyheath are there to help you.

Choose professional VAT return services in Bexleyheath by KISL Accounting. 

How much do VAT return services cost?

Your dedicated accountant from the KISL team will assess the most beneficial VAT scheme for you and advise you on the benefits of switching. Our services start at around £25 per month, which can be tailored to your specifications.

VAT Compliance Services for SMEs

This is the mandatory process to make sure your SME is in good standing. Compliance covers processes like VAT registration, proper invoicing, and managing VAT obligations on daily transactions. These ensure your VAT returns are as accurate as possible, and avoid risks of audits and penalties in the future. 

Our services combine both return filing and VAT compliance services to ensure no penalties or errors go unnoticed. 

What is VAT? – Explained in Depth 

VAT refers to Value Added Tax. It is a consumption tax for goods and services sold by VAT-registered businesses. Every business in the UK with an annual turnover exceeding £90,000 must be registered. This tax is indirectly paid by the consumers of a business. In retail, typically the VAT amount is included in the price displayed. In service-based businesses, you should provide a VAT invoice with VAT number, VAT rate, and amount.

VAT Rates

VAT is charged in 3 rates:

Standard Rate (20%): This rate is applied to almost all businesses.

Reduced Rate (5%): Applied to specific products considered socially beneficial. This includes fuel, power, and some others. 

Zero Rate (0%): The zero rate is applied for businesses selling essential items. This includes children’s products, books, food, etc. Regardless, taxable income must be recorded.

No VAT can be charged on services like health, education, and financial services.

VAT Schemes

VAT rates are also affected by special schemes. These simplify VAT for various business types and scenarios.

Flat Rate Scheme: SMEs with a turnover of less than £150,000 pay a fixed percentage. No need to track VAT for every sale or purchase.

Cash Accounting Scheme: VAT is paid only when customers pay for goods.

VAT Margin Scheme: Used for second-hand goods, antiques, and artwork. 

VAT Retail Scheme: Simplified VAT accounting for retailers.

Annual Accounting Scheme: Allow SMEs to submit just one VAT return per year, instead of 4.

Our VAT compliance services make each of these factors perfectly aligned with your venture.

Why Choose KISL for VAT Compliance Services?

We offer your business:

Flexible personalized service

We guide each process with accuracy and timeliness. Do get in touch with us for an initial consultation.

Dedicated VAT Accountants

Our VAT accountants specialize in VAT compliance. They are constantly updated about the changing VAT rules and avoid mistakes.

MTD Compliant

Our services are aligned with the MTD (Making Tax Digital) initiative. We possess the necessary MTD compliant software for VAT accounting.

Support for Multiple VAT Schemes

Whether you are on the Standard Rate, Flat Rate, Cash Accounting, or Margin Scheme, we ensure your VAT returns are prepared under the correct scheme for your business.