Friday 20th February 2009
  VAT Returns

There is a minefield of VAT rules waiting to trap the unwary – but Argents can guide you safely through!

Book-keeping and VAT returns go hand in hand; if we provide one service for a client, we usually provide both. Though of course, we are happy to review the records of clients who prefer to do their own returns.  In a kind of VAT health check, we ensure that they are complying with statutory requirements and keeping proper records.

Frequently Asked Questions

When do I have to register for VAT?

A business making taxable supplies must register for VAT when at the end of any month they go over the registration limit which currently stands at £67,000.
This is figure is either calculated from the date of commencing to trade to date (if you are in your first period of trade) or is a rolling figure for the 12 months just ended.
Registration is also required if you anticipate the limit will be breached by transactions only in the next 30 days (ignoring the last 12 months figures).

Can I claim VAT on fuel?

Yes but only 100% can be claimed if the fuel is for 100% business use. Travel between home and place of work is considered to be private. Otherwise the options are to pay fuel scale charges to Customs and Excise to take account of any private use or to use detailed mileage records to separate business mileage from private mileage.