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Cheap accountancy for contractors on the Wirral is available.

Anybody setting up a business can benefit from professional advice on VAT. VAT registration is obligatory for any business with a turnover exceeding the statutory registration threshold. However, if turnover is below the threshold, business owners can still register voluntarily. The advantage of doing this is that it adds credibility and stature to the business. It is particularly attractive for businesses that attract VAT by their very nature whereby purchases include VAT. Similarly, if a business’ supplies are zero rated or if its customers can reclaim VAT that has been added to its products, it makes sense to register for VAT.

Businesses that are not registered must ensure that they never add VAT to their sales products, otherwise they risk criminal prosecution. If turnover exceeds the threshold, the business should register as soon as possible. Failure to do so risks the business incurring substantial penalties, plus interest rate payments. Businesses late in registering may be liable to pay any VAT that they should have been charging on their sales and, worse still, they may not be able to recover it from their customers. With cheap accountancy available for contractors on the Wirral, experienced and reliable accountants can guide them by explaining the pitfalls of complying with VAT legislation.

HMRC recognises the problems associated with paying VAT and has set up special schemes to alleviate issues with cash flow for small businesses. Most of these schemes delay the business having to pay VAT to HMRC and paying by instalments.

It pays to seek advice, and the availability of cheap accountancy for contractors on the Wirral – no doubt thanks to its excellent business location due to its proximity to Liverpool. Chester and North Wales – makes it cost effective to do so. An established accountant like Wainwrights Ltd can any business owner or contractor invaluable advice and can submit all VAT returns once trading is underway.