VAT Outsourcing for Accountants
Your outsourced VAT officer will always be on the end of the phone to deal with your questions and queries. Are you spending more time and energy on your practice’s back-office works like VAT? With Doshi’s VAT outsourcing service, you have access to an experienced outsourced VAT officer, who provides a comprehensive service to assist you in Monthly/Quarterly VAT returns, VAT registration, and the use of various VAT schemes. In terms of the role itself, the outsourced VAT officer we provide will conduct a number of different checks and carry out a number of roles, including but not limited to:
- Checking client name, trading name, client no., client contact no., VAT no., email address, and quarter end is correct.
- Checking VAT missing sheet/email instruction. If queries or remarked found, check if it is applied in the calculations.
- Preparing a suitable scheme for each client as per their nature of business.
- Checking the correct VAT rate is applied for sales while doing VAT calculation.
- Analysing any variation in gross profit margin.
- Confirming with the client whether non-retail sales are included in total sales.
- Checking whether proper zero-rated mark-up has been applied.
- Checking current quarter end VAT liability with previous quarters VAT liability.
- Checking whether the scheme applied has been beneficial for the client or is comparable with other VAT schemes.
- If a refund is present, check the need for capital expenditures, stock increases or decreases, or any other reasons.
- If there is any deviation in VAT figures, confirming with the client if there is any change in the nature of activity, or purchase or sale of shop.
- Dealing with HMRC enquiries and providing required details to HMRC officer. Collecting all necessary information from the client as well as collating from our end any material to be delivered to HMRC.
VAT stands to 'Value Added Tax' is a tax on the sale of most goods and services. HMRC collects VAT revenues through businesses who are VAT registered.
The VAT return shows the calculation of the amount of VAT due on sales minus the amount of VAT reclaimable on purchases. If the amount reclaimable on purchases is more than the amount due on sales, the difference gives it to back to you by HMRC.
An accounting service provider like Doshi Outsourcing which will help you fill in your VAT return, then allows you to submit it directly to HMRC for you.
If you are registered for VAT, you must charge VAT to your customers on applicable sales. You may also be able to reclaim VAT that you pay on purchases. Only businesses can go for VAT registration; individual consumers can't.
Doshi Outsourcing generates your VAT returns, reminds you when payment is due and then lets you can submit your VAT returns online directly to HMRC.