VAT & Making Tax Digital (MTD)

VAT is a complex and challenging tax to navigate - HMCE are always hot on your heels and you could be faced with unexpected bills with the possibility of substantial penalties.

At Tacconi Green & Co, we are dedicated to providing VAT advice, assistance and solutions to businesses in Cambridgeshire and beyond. Using our expertise in all things VAT, we pride ourselves on providing comprehensive guidance and support to ensure or clients remain compliant and optimised in the ever-changing world of VAT.

Our services:

• We will ensure accurate reporting and timely submission of your VAT returns, providing you with peace of mind and freeing up your valuable time.

• If your taxable turnover exceeds £90,000, your business needs to register for VAT. We will take you through the process and ensure you take the necessary steps to remain fully compliant with the requirements.

• We will provide ongoing support, guidance and VAT advice to help you make better informed decisions. We will take the time to understand your business and its unique challenges to provide customised solutions that align with your targets.

• Sometimes, HMCE wants to inspect VAT documents. If they get in touch with you, we’ll guide you through the investigation process, ensure your records and processes are in order, and that you’re well-prepared for potential scrutiny.

“You have no idea how great it is that you are now doing my VAT Returns for me”

VAT Health Check, we can assist with:

• We can check your accounting records for errors to ensure that we spot them before HMCE does.

• Compare your VAT Returns against your annual accounts

• Ensure the VAT treatment of your sales is correct

• Consider whether you are on the most suited VAT scheme for your circumstances

• Ensure you are correctly applying the rules of the VAT scheme you are under

• Identify VAT planning opportunities

Making Tax Digital (MTD):

VAT registered businesses have to keep digital VAT records and use specific software for tax purposes. These rules are part of the ‘making tax digital’ (MTD) initiative. We use a variety of different software providers such as QuickBooks, Xero & Sage, so if you need help with the complex rules, you can trust us to help.

The software providers provide us with real time data and our clients with financial resources. We can use that to have meaningful conversations with our clients to help them make better informed business decisions, from tax planning and VAT accounting to buying a new business asset.

Late Payment Penalties:

A penalty may be charged if VAT owed to HMCE is paid late. The penalty depends on how late the payment is made.

No penalty is charged if payment is made within 15 days of the due date. If payment is made between 16 and 30 days after the due date, a penalty equal to 2% of the VAT owing at day 15 is charged. Where payment is made 31 days or more after the due date, the penalty charged is equal to 2% of the VAT owing at day 15 plus 2% of the VAT owing at day 31. Where a time to pay agreement is agreed, penalties are calculated by reference to the date on which the arrangement is made.

To read more, follow the link: https://www.gov.uk/guidance/how-late-payment-penalties-work-if-you-pay-vat-late

As with all other services we can act as your Agent for VAT purposes and we will correspond with HMCE on your behalf. Allowing us to take care of your VAT affairs will give you peace of mind and also free up your time to focus on the things you enjoy most.

Get in touch with our team on 01480 300945 or fill out the form below

We welcome your enquiry. Contact us so that we can help you along the way.