Professional VAT and CIS Management Services
By engaging with a professional accountant to deal with these complex areas of tax management, business owners can reduce administrative burdens, focus on core activities, and take opportunities to saving on costs.
Understanding VAT Management
VAT involves collecting and reporting tax on sales and reclaiming VAT on eligible purchases, making it a tax on turnover, not profit. VAT returns are crucial for all VAT-registered businesses in the UK, requiring accurate calculation and timely submission to HMRC. Dealing with the complexities of changing VAT rates and specific exemptions can be challenging for businesses.
Our Professional VAT Services
As professional accountants, our role is to:
- Inform clients when they have reached or exceeded the VAT threshold
- Ensure proper record-keeping and registration with HMRC
- Calculate the exact amounts payable or reclaimable
- Submit returns within deadlines to minimise the risk of penalties and avoid missed opportunities for VAT recovery
- Stay informed on ever-changing tax legislation and VAT regulations
Construction Industry Scheme (CIS) Management
CIS (Construction Industry Scheme) requires contractors to deduct tax at source from payments to subcontractors and submit monthly returns to HMRC. Managing CIS can be challenging for construction firms, especially when it comes to keeping accurate records of deductions, payments, and filing obligations.
Our CIS Services
As professional accountants, our role in CIS is to:
- Ensure CIS deductions are calculated correctly and reported accurately
- Help contractors to maintain proper records
- Manage timely submission of returns to HMRC
- Ensure construction businesses avoid penalties
- Enhance cash flow management
- Ensure a smoother payroll process for subcontractors
- Provide updates that can lead to financial improvement
The Value of Professional Tax and VAT Advice
Leveraging the expertise of a professional accountant brings numerous benefits. Our team at MG Walker Co Ltd helps clients mitigate risks, identify tax-saving opportunities, and focus on their core business. For business owners and individuals alike, this support means fewer worries about compliance issues and more confidence in their financial management.
Our experienced and dedicated team specialises in managing VAT and CIS returns. By allowing MG Walker Co Ltd to handle your tax obligations, you can be confident that you are compliant and concentrate on what truly matters: growing your business. Please contact our team at 01246 272888 or 07768 997711