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Forefront Accountancy Services Ltd

Comprehensive VAT Service

HMRCForefront Accountancy Services Limited offers a complete VAT service for both new or existing businesses.

For new start ups we can discuss the options and advise whether it is beneficial to register the business from first trading date or defer registration until the business hits the compulsory registration threshold.

You must never add VAT to the sales invoices raised by your business unless you are registered as this is a criminal offence.

We will also discuss the most appropriate VAT scheme available for the business from the available options:-

Standard VAT is dealt with by adding the appropriate rate of VAT to all sales invoices raised and the total of this VAT element is paid over to HM Revenue and Customs once any VAT included on invoices for items purchased for the business have been deducted.

Cash Accounting - if turnover falls within the limits for the scheme you need to account for VAT at the point that you receive payment from your customers (rather than at invoice date), this may be an advantage for businesses who have clients with extended payment terms.

Flat Rate Schemes - those eligible to join this scheme account for their VAT by applying a fixed percentage to their sales and paying this amount to HM Revenue and Customs.

Annual Accounting - for this scheme an annual liability is agreed, based on the figures from the previous year, and pay this through an instalment basis.  At the end of each annual period a final return is then submitted and any required adjustment to the payments made will be either refunded or balancing payment made.

Once the required scheme is decided on then registration needs to be advised to HMRC within 30 days from your first trading date, failure to do so will result in a late notification penalty being incurred, as well as having to pay over VAT liability and any accrued interest from the time you should have registered.

We are available to take care of any required registrations and ensure compliance, we can advise on how to calculate and reconcile your VAT liability or can carry out this task on your behalf and ensure correct calculation of any liability, and submission of your return by the required deadline, avoiding the possibility of penalties and/or interest surcharges for late returns or payments.   This enables you to concentrate your time and effort of the running of your business rather than being tied up in administrative chores.

We can also liaise with HM Revenue Customs and Excise on your behalf for any registration enquires they may have, or attend and advise should your business be the subject of a VAT inspection visit.

Forefront - always thinking