VAT Specialists Covering Colchester

Accurate bookkeeping is a crucial aspect of running your business as it helps you to keep a detailed record of your company’s daily, weekly and monthly transactions. Your records allow you to keep a close eye on your progress whilst complying with government legislation. This administrative element of business is known for taking up precious time and it can be difficult to find space in the day to complete the work. 

Running a business, doing the bookkeeping and adhering to government legislation can feel like you’re the star in a plate spinning act. If it’s reaching the point where you need to offload some of your workload, why not consider outsourcing your bookkeeping? With over 25 years of experience under our belts, we like to believe P S Bookkeeping and Accountancy have become a trusted name within the financial sector. We have developed business relations with companies and accountants alike to offer our services. 

Our highly experienced team are armed and ready to take on your bookkeeping responsibilities on a monthly or quarterly basis. Fully versed in all areas of financial legislation, we are able to offer an all-encompassing bookkeeping service, using Sage Line 50, for businesses across the country. Take a weight off your mind and allow our accountants to relieve you of your company’s bookkeeping obligations. We work alongside businesses of all sizes in a plethora of industries. 

If you are local to Colchester we can collect the necessary bookkeeping paperwork. If you are outside of Colchester, you can post to us your paperwork by registered post next day delivery. 

There is no additional charge for VAT return submissions. All aspects of bookkeeping, accountancy, and any advice required is included in our fee. Enquiries from HMRC are extra. 

Choose P S Bookkeeping and Accountancy safe in the knowledge that we are compliant with the relevant legislation, including the Data Protection Act, Money Laundering, and Financial Crime Regulations. 

VAT Returns 

If your business is VAT registered, we offer tax return services to individuals who are obligated to complete a tax return every year. We can register for VAT on your behalf if required. VAT and tax returns ensure a company’s compliance with HM Revenue and Customs. If you are the owner of your own business, you must submit a tax return. The purpose of this documentation is to declare your income to HMRC so that they may calculate how much tax is due to be paid. 

Financial penalties, which accrue interest, are distributed to those who fail to submit a VAT or tax return on time, which is why you should prioritise having your returns submitted before the deadline. On the plus side, completing your VAT and tax returns with time to spare informs you how much you will be asked to pay and also gives you the time to accrue the funds. We will keep you on the straight and narrow, ensuring you don’t get any nasty surprises.

VAT is applied to the cost of goods and services to be paid by the customer in line with the requirements of European Law and the HMRC. VAT is notoriously complicated and it can be difficult to determine whether you are paying the correct amount. Standard VAT is 20%; however a lower 5% rate applies in some cases and 0% in others.

There are various VAT schemes to choose from depending on your trading circumstances. Speaking to one of our accountants here at P S Bookkeeping and Accountancy will give you a clearer idea of which tax schemes you are eligible for, as registering incorrectly can cause avoidable VAT increases. 

Our experienced and dedicated accountants will keep your finances in order so you don’t have to worry. If you would like to discuss your personal requirements with a member of our team, why not get in touch today?