CHL VAT services include:
- Registering (or deregistering) your business for VAT.
- Preparing VAT returns for approval and online submission.
- Planning the best VAT strategy for your business.
- VAT advice for complex financial transactions.
- Assistance with pre-emptive VAT control visits.
- Reviewing land and property transactions.
- Advice on supplies of goods and services to overseas countries.
CHL uses vast levels of VAT knowledge to ensure that you implement the most appropriate VAT strategy for the needs of your business.
In a challenging British economy, all businesses must recognise the importance of maintaining accurate books and records in order to meet regulatory requirements (such as the preparation of quarterly VAT Returns) and to provide the owners and managers with essential management information.
HOWEVER, MANY BUSINESSES FIND THEMSELVES UNABLE OR UNWILLING TO CARRY OUT THESE TASKS THEMSELVES BECAUSE OF TIME CONSTRAINTS OR OTHER VALID REASONS. IF THIS IS THE CASE THEN WHY NOT LET CHL PROVIDE YOUR BUSINESS WITH A COMPREHENSIVE BOOKKEEPING SERVICE OR PREPARE MONTHLY OR QUARTERLY MANAGEMENT ACCOUNTS?
'MAKING TAX DIGITAL' IS REQUIRED
We provide a fully computerised bookkeeping service for clients in any industry and of any size.
You can choose how much you would like us to do for you.
If you are VAT registered our VAT specialists can also prepare your monthly or quarterly VAT returns and arrange for filing on-line, as is now the requirement for all businesses.
If you trade with Europe then there are other reporting requirements that we can help you with, such as the EC Sales List or an Intrastat Return.
CHL also provides an excellent management reporting service to many clients, quite different from the bookkeeping service. We can tailor the reports to your individual requirements and provide you with precise management accounts information. Once the level of detail has been agreed we can provide you with a set of management accounts on a monthly, quarterly or bi-annual basis so that you have the information to run and control of your business.
MAKING TAX DIGITAL
Many businesses prepared for the major changes that the government’s Making Tax Digital project has imposed from April 2019.
Making Tax Digital may need additional support, and for some businesses the implementation of new accounting software and processes. Therefore it is important to involve your accountants as they can help facilitate, support, recommend and implement changes to make Making Tax Digital run as smooth as possible.
WHAT IS MAKING TAX DIGITAL (MTD)?
Making Tax Digital (MTD) is the HM Revenue and Customs (HMRC) strategy to modernise the current tax system. For businesses it will involve mandatory digital record keeping and quarterly reporting using MTD compliant software.
On 1 April 2019 all UK businesses that are VAT registered and above the £85,000 VAT threshold are required to keep their records digitally and submit VAT returns to HMRC using MTD-compatible software. Other areas of MTD, such as Income Tax and Corporation Tax, have been put on hold.
It is also important to note that HMRC has confirmed that charities will not be excused from MTD for VAT.
MAKING TAX DIGITAL SOFTWARE
Business records must be kept in a digital format and submitted to HMRC using MTD compliant software every quarter.
Modern online accounting packages such as Xero, Sage Business Cloud Accounting, QuickBooks Online and FreeAgent are MTD-compatible and offer a host of other benefits to assist businesses.
We have a team of specialists who can provide expert advice and support on the best option for your business to ensure MTD compliance, as well as provide training and assistance on how to use new software and maximise the benefits it can offer
ADVANTAGES OF USING ONLINE ACCOUNTING SOFTWARE:
- Safe and secure.
- Run your business finances anytime, from anywhere, on any device.
- Real-time collaboration with us, your advisers.
- No installation or IT maintenance required.
- Pay as you go and no up-front costs.
- Real-time view of business performance.