All businesses are required to keep accurate records for both taxation and VAT purposes.

 

Bookkeeping

Cohen Accountants can provide your business with small Bookkeeping services tailored to suit your small business. We also provide advice on the methods of bookkeeping that are the best for your small business. We are Sage Specialists and can facilitate your easy use of Sage and easy transfer of records to our systems.

 

We can take away from you the hassle of keeping your books provided that you can supply the basic information.

 

We can offer you a full service or can help to put in place a system that you feel comfortable with, which satisfies HM Customs & Excise. We can then help you to prepare your annual accounts and, if you wish, regular management accounts.

 

Call us now, regarding your bookkeeping, on 0208 203 6323 or fill out our contact form and we will be pleased to call you back.

 

VAT (Value Added Tax)

 

VAT is a tax charged on most business-to-business and business-to-consumer transactions in the UK.

 

If you are VAT registered business, VAT is a tax on the net value added to your products or services - the difference between the value of your sales and the value of your purchases.

 

If you are a non VAT registered businesses or organisation, or a consumer, VAT is a tax on your consumption.

 

Should I be VAT registered? Can I register voluntarily for VAT? What scheme should I use for my VAT returns?

 

We can help you to answer these questions and provide you with reliable advice on handling input and output VAT.

 

The standard way of handling VAT if you are a VAT registered trader is to simply add VAT, where appropriate, to your sales and pay this over to HMRC, less any VAT input tax paid to suppliers, on a quarterly basis.

 

For small businesses cash flow problems can result from payment of VAT. You may have to pay over VAT added to sales invoices that for which you have still not received payment.

 

In order to assist business that encounter a cash flow problem, HMRC have created a number of “Special Schemes”.

These include:

  • Cash Accounting – If your turnover is within the limits for the scheme you will only need to pay VAT to HMCE when you are paid by your customers. This is a significant advantage for businesses that have to grant extended payment terms to their customers.

  • Flat Rate Scheme – If you are eligible to join this scheme, you can simplify their VAT accounting by applying a flat rate percentage to their sales and paying this amount to HMCE

  • Annual Accounting – With this scheme you agree an annual liability, based on the previous year's figures, and pay this over on an instalment basis. At the end of each year a final return is submitted and any balance due is paid or overpayment refunded.

  • Special Schemes for Retailers – Ordinarily, registered traders are required to keep detailed records of every transaction. For retailers this could prove to be a time-consuming chore. To avoid this, affected businesses can use one of the schemes set up with retailers in mind.

Call us now, regarding your VAT, on 0208 203 6323 or fill out our contact form and we will be pleased to call you back.