FAQs - Worthwhile Accountancy

Q: Can you help me with VAT registration and deregistration?

Yes, we can assist you with both VAT registration and deregistration. Whether you're registering for the first time or need to deregister because your turnover has fallen below the threshold, we can guide you through the process and ensure all the necessary paperwork is completed correctly.

Q: What are the deadlines for 'vat return submission'?

VAT returns are due one month and seven days after the end of your VAT accounting period. For example, if your quarter ends on 31st March, your return is due by 7th May. Penalties may apply for late submissions, so it's crucial to meet these deadlines .

Q: What records do I need to keep for VAT?

You need to keep detailed records of your sales and purchases , including VAT invoices. You should also keep records of any other VAT transactions. It's essential to keep these records accurately and for the required period. You must keep VAT records for at least 6 years or 10 years on particular schemes .

Q: Do I need to be VAT registered?

You must register for VAT if your VAT taxable turnover is expected to exceed £90,000 in the next 30 days or over the last 12 months. However, you can also choose to register voluntarily, even if you're below the threshold. Voluntary registration can sometimes be beneficial, as it allows you to reclaim VAT on your purchases and may give your business a more professional image.

Q: What accounting software do you use, and can you help with software implementation?

We are proficient in a wide range of accounting software, including Xero, QuickBooks, and Sage. We can advise you on the best software for your business needs and provide training and support for implementation. We can help you transition from manual bookkeeping to automated, cloud-based solutions. If you need more information, then please read our page about making tax digital .