VAT
Value Added Tax (VAT) is a tax that must be paid when purchasing services or goods.
VAT is one of the most complex taxes UK businesses deal with, and errors can be costly. Whether you're approaching the registration threshold or need help managing your returns, Hollis and Co's Sheffield VAT specialists will help you stay compliant and avoid penalties.
When do you need to register for VAT?
You must register for VAT if your VAT-taxable turnover exceeds £90,000 in any rolling 12-month period, or if you expect it to exceed that amount in the next 30 days alone. Once registered, you'll charge VAT on your taxable sales, reclaim VAT on eligible business purchases, and pay the difference to HMRC. This is usually done through quarterly VAT returns.
Registering voluntarily below the threshold can sometimes be beneficial, for example if your customers are mainly VAT-registered businesses. We'll help you decide what's right for you.
Our VAT services include:
- VAT registration: registering your business with HMRC and advising on the right timing.
- VAT returns: preparation and submission of your returns using Making Tax Digital-compatible software, on time, every time.
- VAT schemes: advice on whether the Flat Rate Scheme, Cash Accounting Scheme or Annual Accounting Scheme could save you time or money.
- VAT rates and changes: guidance on standard, reduced, zero-rated and exempt supplies, and how changes to VAT rules affect you.
- Specialist VAT advice: including partial exemption, property transactions, and imports and exports.
- HMRC support: help with VAT inspections, enquiries and correcting past errors.
Avoid late submission penalties
HMRC's points-based penalty system means late VAT returns and payments can quickly become expensive. We'll make sure your returns are accurate and filed before every deadline.
For VAT help in Sheffield, contact Hollis and Co today.
Our staff can make sure you maximise your exemptions while demystifying the complex world of capital gains tax, whether you're considering investments, a second home, or another asset.
Every year, corporation tax rates and reliefs vary, so we make sure we can offer all the necessary assistance and advice when examining potential exemptions, allowances, and deductions. In order to make sure you are in compliance and avoid fines, we will carefully evaluate and produce corporate tax filings.
Whether you're considering investments, a second home, or another item, our staff can make sure you maximise your exemptions while demystifying the complex world of capital gains tax.
We can help walk you through the complicated subject of personal taxation, we are aware that it can be challenging to grasp, therefore we support you every step of the way. By developing a tax planning approach that works for your tax situation and helps ensure you pay the least amount of tax, we eliminate the time and worry involved. Our staff will provide guidance on when payments are due in addition to what paperwork must be submitted and returned in order to maintain compliance.
[Company name] provide the following key services.
Latest news from [Company name]
The government has published a technical consultation on its new Founders’ Relief. The consultation itself provides an overview of the proposed qualifying conditions for it, including individual and company requirements and what must be satisfied. HMRC’s own figures, however, show that the strict conditions mean only about 600 individuals will be eligible to apply each year.
It’s bad news for mortgage holders and borrowers as the Bank of England (BoE) raises interest rates by a quarter point to 4% for the first time since August 2023.
If your company is involved in processing Overseas Workday Relief (OWR) elections and claims for 2025-26 Self Assessment tax returns, you might be facing problems.
Here are our top 25 changes that businesses should note from John Healey's first budget. Some of those listed may have already been announced but are now confirmed in the Autumn Budget.
Britain’s financial markets barely blinked following Wednesday’s Budget. The Chancellor, John Healey, began his first budget by targeting savers, property owners and banks.
HMRC are reminding businesses about two difficult payment deadlines.
The government-established Office of the Small Business Commissioner (OSBC) has been publicising its Small Business Plan that offers tailored funding to smaller businesses.
HMRC have concluded that the Cabinet Office failed to take reasonable care when applying the Off-Payroll Working (IR35) rules. The Cabinet Office has set aside £38.5 million for unpaid Income Tax, National Insurance and interest. A penalty of up to £8.9m could follow.
35 Wilkinson Street
Sheffield
S10 2GB
.png)
.jpg){kind=icon}
