Top VAT outsourcing services in the UK from Lanop

Lanop Outsourcing is well aware that VAT is one of the most complex tax regimes imposed on UK businesses; so complex, in fact, that many companies inadvertently overpay it.

As VAT regulations are always changing and evolving, it can be difficult for busy professionals to stay on top of all the ever-changing rules; however, by working with the qualified chartered accountants at Lanop Outsourcing, we will ensure that your VAT returns are always up-to-date, and that you or your clients will only have to pay the amount that you owe.

Some of the many perks of Lanop’s VAT outsourcing services

The cost-effective VAT outsourcing services provided by Lanop Outsourcing include:

  • Assistance with VAT registration
  • Advice on VAT planning and administration
  • Use of the most appropriate scheme
  • VAT control and reconciliation
  • Compiling and submission of your VAT returns
  • Setting forth plans to minimize future Customs & Excise problems
  • Lanop Outsourcing serves a wide range of satisfied clients who work in various sectors, industries and professions, such as:

  • Restaurants, bars and cafés
  • Amazon businesses
  • Law firms
  • CIS contractors
  • Consultancy businesses
  • IT contractors
  • Law firms
  • Construction
  • Businesses in the entertainment and leisure industry
  • What documents do I need for Lanop’s VAT outsourcing services?

    In order to use the VAT outsourcing services provided by Lanop, you will need to provide our accountants with:

  • Invoices for sales, purchases and expenses (for the VAT period)
  • Banking, credit card and PayPal statements (for the VAT period)
  • Details of cash income and expenses
  • What is Making Tax Digital?

    Making Tax Digital (MTD) is one of the steps the UK government is taking in order to make it easier for individuals and businesses to get their taxes right, and manage their taxes more efficiently.

    HMRC’s ambition is to become one of the most digitally-advanced tax administrations in the world, and because of this, MTD is making fundamental changes to the way the tax system works in order for it to be more effective and efficient, but at the same time less complicated for tax payers to calculate their taxes correctly.

    When did Making Tax Digital become official?

    MTD for VAT has been in effect as of April 1st, 2019 for most VAT-registered businesses; however, a few businesses with more complex VAT have had a delayed effective date set for October 1st, 2019. (The effective date is based on the VAT return period that commences either on or after April 1st, 2019).

    Some important points to be aware of with regards to Making Tax Digital:

  • If your quarterly VAT return ends on March 31st, 2019, your first VAT return under MTD will be the VAT return for the period of April 1st, 2019 to June 30th, 2019.
  • If your quarterly VAT return ends on February 28th, 2019, the following VAT return period from March 1st, 2019 to May 31st, 2019 will not be required digitally, as the period commenced prior to April 1st. Your first VAT return under MTD will be the VAT return for the period of June 1st, 2019 to August 31st, 2019.
  • What does this mean for VAT?

    VAT-registered businesses with a taxable turnover above the VAT threshold (which is currently at £85,000) are required to use the MTD service to:

  • Keep records digitally for VAT purposes
  • Use software to submit your VAT returns
  • You will need software which can submit VAT teturns and keep records of sales and purchases. If you’re already using software to keep records, you should check if it is compatible with MTD.

    Does HMRC provide free software?

    The simple answer is no. HMRC is currently not providing free software, and external solutions are required.

    Where can I get software that is compatible with Making Tax Digital?

    HMRC has provided a list of software suppliers who are developing MTD-compatible software. Alternatively, you could outsource your services to Lanop Accountants in London, and we can provide the software free of charge to customers who are signed up to our bookkeeping service. We are confident the cost and benefits of outsourcing your bookkeeping service to us will far outweigh the cost of a licensing compatible software.

    What is functional compatible software?

    Functional compatible software is software that must be able to:

  • Record and preserve digital records
  • Send information and returns to HMRC from data held in those digital records by using the API platform
  • Receive information from HMRC via the API platform
  • HMRC expects that there will be software products available which will perform all of the functions listed above; however, some software programs will not be able to perform all of these functions by themselves. (For example, a spreadsheet or other software product that is capable of recording and preserving digital records may not be able to perform the other two functions listed above).

    The complete set of digital records needed in order to meet MTD requirements does not all have to be held in one place or in one program. Digital records can be kept in a range of compatible digital formats. Taken together, these form the digital records for the VAT-registered entity.

    How can London’s Lanop Accountants help you?

    The qualified accountants at our London accounting office are specialists in outsourced offshore accounting. Our team is experienced in UK accounts and taxes, and skilled in a range of systems including Xero, QuickBooks, Sage and much more. The benefits of outsourcing your accounting to us means that you will not only benefit from very competitive rates, but also be in contact with specialized teams in all areas of accounting. All deliverables are subject to a three-level review (including a director review in the UK) in order to maintain the highest levels of quality.

    Our accounting office is in London and can provide the following services:

  • Reconciliation of VAT while implementing the MTD
  • Conversion from paper-based to MTD-supported accounting software
  • VAT filling under MTD
  • In the words of the famous English banker John Lubbock: “A day of worry is more exhausting than a day of work.” So if you’ve been spending far too much time worrying about getting your business up-to-date with all the latest MTD requirements, or even if you have a burning question about your VAT threshold, give us a call today for a free consultation!

    Other Outsourcing Services

    Book Keeping

    The accountants at our Lanop Outsourcing accounting office have the expertise to prove that accounting is one of the most important functions for any company, as it allows a firm to keep better track of their financial operations and business efficiency.

    Financial Accounts Outsourcing Services

    Process your year-end statutory accounts quickly and easily with the help of our expert team of accountants at Lanop Outsourcing.

    Management Accounts Outsourcing

    Having up to date management and financial information on your business is critical and enables effective and informed decisions to be made in a timely manner, allowing you to develop and grow your business and focus on the future.

    Out Sourced Pension and Auto Enrollment

    Government-introduced workplace pension provision is mandatory for all employers. There's no avoiding it. If you employ at least one person, you have a legal duty to set up pension schemes for your employees and contribute towards it.

    Payroll Services

    We will guarantee that the payrolls are processed in a timely and accurate manner whilst ensuring full legislative compliance in all PAYE related matters and Auto Enrolment if required.

    Self Assessment

    If you work as a sole trader you will be required to keep aside some money for tax each year, which is detailed by your Self-Assessment Return . Therefore, it’s very important to be aware of income tax thresholds and the National Insurance Contributions (NICs) you will be liable to pay.