Is your company VAT registered?
What VAT scheme are you on?
Whether it be annual accounting, cash accounting, flat rate scheme, VAT scheme for retailers, we are here to help ensure you are compliant with UK VAT rules and regulations to avoid penalties and fines.
The VAT rate for the UK currently stands at 20 per cent, this was changed from 17.5 per cent on the 4th of January 2011. VAT is charged on most goods and services in the UK that are provided by a VAT-registered businesses and some goods and services imported from outside the European Union (EU) and then imported into the UK via other countries within the EU.
There are complex regulations for goods and services imported from within the EU.
What is VAT MOSS?
From 1 January 2015, a new regulation has come into place where VAT on digital products sold in the EU will be chargeable in the place of purchase rather than the place of supply. VAT MOSS – or VAT Mini One Stop Shop to give it its full name – is being introduced to stop big corporations diverting sales through low-VAT countries. But it affects smaller companies and sole traders – who have significantly less resource for such tasks – on a larger scale.
Are you aware of the changes and does it affect your company?
With complicated VAT rules, why not allow us to take care of all the accounting jargon.
CIS stands for Construction Industry Scheme which is a set of special rules laid out by the tax office for handling payments made by contractors to subcontractors for construction work.
The Construction Industry Scheme (CIS) applies to contractors, subcontractors and any organisations that have a high annual spend on construction, even if their main work isn’t in the industry. If your firm is involved in construction, it may need to register with HMRC under CIS.
When registering you need to indicate whether you’re a contractor or subcontractor as different rules apply to each category. Within each category there are separate terms that define your business.
Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs(HMRC).
The deductions count as advance payments towards the subcontractor’s tax and National Insurance.
Contractors must register for the scheme. Subcontractors don’t have to register, but deductions are taken from their payments at a higher rate if they’re not registered.
As BDWarehouse Accountancy Service is part of the Business Development Warehouse Group, we are also able to provide temporary or permanent accounting staffing to organisations from various background.
We have successfully placed temporary staff that have been retained as permanent staff at the end of the contract.
If you would like help with your staffing needs or any other service we provide, please do not hesitate to contact us by phone on 0117 325 0460 or email at email@example.com