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What is VAT?

Value Added Tax or more commonly known as VAT is tax imposed on the sale of goods and services. VAT falls under the “consumption tax” which is collected by businesses from consumers for the Government.

The rate of VAT depends on the goods being sold. The standard VAT rate is 20% imposed on most goods. Reduced VAT rates and VAT exemptions are also applied to several products and services, so it is important to be fully aware about VAT implications according to your business.

VAT Procedures for Businesses in the UK

At Solvers Accounting and Payroll Services we make sure your business is VAT compliant according to the laws outlined in the UK VAT legislation. Since VAT accounting is involved in every aspect of transaction for your business, we take the necessary steps right from the beginning to put you in a comfortable place with minimal financial risks.

We analyse and determine efficient ways to measure and control VAT functions within the dynamics of your business. Initial review enables us to understand how accurately your business calculates VAT and areas of improvement where we can help you save money and increase cash flow. Consequently, we help you ensure all processes meet HMRC audits and SAO requirement (if required).

If your business lacks transparency in customer data, tax, sales and purchase or any form of reporting, you need to re-evaluate and reconsider VAT compliance with a qualified VAT compliance agency.


Why do you need VAT Planning?

Solvers Accounting and Payroll Services can help you save two of the most important assets of your business; time and money. It is necessary to completely understand and adhere to VAT compliance and laws pertaining to VAT collection.
Therefore, you need the right advice for planning out your VAT compliance and implementation.  Once you are onboard, our financial experts are always available for timely consultation and can share advice based on current VAT legislations and HMRC’s policies. Additionally, you will have the following benefits:

  1. Timely VAT guidance and advice
  2. Standby VAT compliance team ready to take on any challenge
  3. Prompt customer service minimizing costs
  4. Service beyond the scope of work
  5. Professional VAT services giving you satisfaction and peace of mind


VAT Compliance by Solvers Accounting and Payroll Services

Our VAT compliance begins with simple steps. You may need to fill out a brief questionnaire which will help us understand weaknesses in your existing compliance, accuracy of accounts, VAT liability and other financial areas of your business.

We have a holistic approach and provide solutions in setting VAT accounting systems that are able to generate accurate VAT reporting. We adhere to best practices and industry standards to deploy VAT compliance meeting all legal and statutory obligations at a fixed cost. So, focus on your core business and let Solvers Accounting and Payroll Services handle your VAT planning, compliance and accounting.

For more details contact us via email info@sbni.co.uk.

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