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Once you have set up a company with your company formation agents, there are a number of complex factors to consider including personal tax, company tax, accounting and legal matters. This is why it can be beneficial to seek professional assistance from Tax Advisors and Business Accountants so that you are compliant with HMRC and the Companies Act, enabling you can focus on the running of your business. Wisteria Formations are able to help you register a company. After your company formation you are entitled to a one hour consultation with one of Wisteria’s chartered accountants or chartered tax advisors. They can clarify all you need to know about starting up a company and any queries you may have on tax and accountancy issues. VAT registration is a key issue you need to consider. If your turnover is £79,000 or above in a taxable year or in the next 30 days, then it is compulsory for you to register for VAT. If your turnover is below this threshold, they you may wish to voluntarily register for VAT as there are a number of benefits. Being VAT registered means must charge VAT on your products and services, however some may be exempt. You can also claim VAT back on your purchases. The VAT flat rate scheme is worth considering if your turnover is expected to be below £150K. This gives you a fixed VAT rate, depending on your industry. If you company has low expenditure, then this can be very beneficial. Benefits of VAT include the ability to reclaim VAT on any purchase (especially good if you are a start-up with lots of new equipment) and appearing more professional. If your company is not VAT registered, others who trade with you will know that your turnover is under £79,000. However, you are required to submit monthly, quarterly or annual VAT returns once registered and keep accurate records of all purchases and sales. If you do not register for VAT but are required to, you may receive a penalty and will have to pay the VAT from when you were meant to register. You can register for VAT on the HM Revenue and Customs website by downloading a VAT registration form; however this and the completion of VAT returns can be complex and time consuming. Wisteria offers a VAT registration service, if you don’t wish to do this yourself. We can submit your VAT application as well as providing on-going professional VAT advice. To take advantage of the advice of our Chartered Tax Advisors please send an e-mail to [email protected] or call us on 020 8952 0140.
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