VAT

Value Added Tax (VAT) is a compulsory tax applied when purchasing goods or services. If your business has a turnover exceeding £90,000, VAT registration with HMRC is required. Once registered, your business must charge VAT on all applicable sales and submit this to HMRC through quarterly or annual VAT returns.

Failing to register on time can lead to financial penalties, including interest on late payments if your business owes VAT. However, if your turnover temporarily exceeds the threshold, you can request a temporary exception from HMRC.

At Sigma Accounting, we ensure your business stays compliant with all VAT regulations and submission deadlines. We will need access to your business records to verify accuracy and ensure timely VAT payments. Our team of expert accountants is here to provide you with comprehensive advice and support, navigating the complexities of VAT so you can focus on running your business.

For professional guidance and peace of mind regarding VAT, trust Sigma Accounting to keep you on track.