Home > Services > Business > Over or Underpay VAT for your Business?

Over or Underpay VAT for your Business?

Value Added Tax

Many businesses unintentionally over or underpay Value Added Tax (VAT) because of its complexity.

The widening parameters of this burdensome tax and frequent changes made by HM Revenue and Customs often require the assistance of a professional to ensure that businesses comply with the relevant regulations. Stringent penalties are applied even for honest mistakes, so don’t get caught out.

At Tuchbands we provide an efficient VAT service, which includes:

  • Assistance with VAT registration and VAT regulations
  • Advice on VAT planning and administration
  • Use of the most appropriate scheme
  • VAT control and reconciliation
  • Help with completing VAT returns
  • Planning to minimise future problems with HM Revenue and Customs.
  • Negotiating with HM Revenue and Customs in disputes and representing you at VAT tribunals

Not every business has to register for VAT and even ones that do trade in VAT-applicable goods don’t always have to register. Sound confusing? Unfortunately, that’s just the start.

But leave all the hassle to Tuchbands. We can make sure your business charges the right amount of VAT, pays any VAT due to HMRC, submit your VAT returns, and put in processes and systems for you that help your business keep track of all your responsibilities. We can also help you reclaim any VAT that may have been paid before you registered.

We will make sure you are accounting for VAT using the best system for you. Is that the standard or annual scheme? Maybe it’s the Flat Rate Scheme or cash accounting? You might not know until you speak to us. Certain schemes are designed for certain sectors and knowing the right one will save you time, money and improve your cashflow.

Globalisation has brought opportunities, but also comes with grey areas. We can advise you on your VAT obligations on business with non-UK registered companies.

If you find your business in dispute with HMRC over VAT issues, then we can help you. If you are appealing a penalty or questioning a bill, we are here for you. As well as being able to represent you professionally at tribunals, we can discuss other options that may be applicable in this scenario, such as hardship and deferred payments.

Find out more about our fees

Whether you are a start-up or an established company, for professional, friendly accountancy services and advice contact the Tuchbands team on 020 8458 8727 or info@tuchbands.com.