Getting started with VAT can be very daunting especially if you’ve never had to deal with it before – which is why Phil Owen & Co fantastic Liverpool accountants are the best people to turn to as they help with every aspect.
Use Liverpool accountancy Services Getting Started with VAT
There are a lot of things that you need to learn when it comes to getting started with VAT. The Liverpool accountancy services our team can offer you will show you what you need to do and the right road to go down when you are dealing with VAT.
VAT is a tax that most people know about but don’t necessarily understand and when it comes to getting started with VAT, it can be a task that you don’t really want to do. VAT is charged on most goods and services that VAT registered businesses, like yours will be, provide in the UK.
The Liverpool accountants that are at Phil Owen & Co have vast experience when it comes to helping businesses that are getting started with VAT and they can explain everything to you so that nothing sounds alien to you.
VAT is charged and accounted by when you add it to the sale price of the goods you sell or the services you offer and this is called an output tax. The VAT paid on all of the goods bought by you and services for your businesses is called you input tax.
Understanding VAT Accounting
If you are registered to pay your VAT then our Liverpool accountancy services can help you to submit your VAT return at regular intervals, more than likely quarterly and this then shows:
- What VAT you have charged on sales to your customers (output tax).
- What VAT you have paid on all of your purchases (input tax).
If your input is more than your output tax our Liverpool accountants can help you claim it back from the HMRC.
So when you are getting started with VAT and VAT returns and find that it may be a little difficult to sort all by yourself – the only company you need to contact is Phil Owen & Co, whose extremely experienced and highly trained accountants Liverpool can offer you the best accountancy services in the Liverpool area.