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We have helped many of our clients to grow and develop their businesses over the years
Supplying a comprehensive range of financial and business support services and ongoing strategic advice.
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FAQs
If you want to know more about how a VAT accountant could be exactly what you need, take a look at some of our frequently asked questions below.
What is Making Tax Digital for VAT?
The clue is in the name. Making Tax Digital is a Government initiative which has been put in place to support HMRC and its plan to digitise the tax system in the UK. The goal is to encourage business owners and self-employed individuals to keep digital records of their taxes and process their VAT returns online.
If you own a VAT-registered business, then you will now be required to keep digital records and submit VAT returns through compatible software. HMRC will automatically sign up future businesses to Making Tax Digital.
At MSK Accountants, we can help you integrate accounting software that works alongside the MTD initiative, ensuring you stay compliant.
What is the VAT return deadline?
Working towards a deadline can be stressful, which is where a well-organised and experienced VAT accountant can be handy. The date for submitting your VAT return and when you will need to pay HMRC is usually one month and seven days after your accounting period.
As with any deadline, you should always allow time to submit your files and ensure payments are processed correctly. Organised business owners will be happy to know that you can find out when your VAT payment date is and any additional important information on your Government Gateway account.
What is the process for calculating VAT liability?
What is property accounting?
As a property investor you may own properties personally, via an LLP or partnership or via a limited company. You may hold them for investment to earn an income from or to trade in. Whether you are building or renovating properties for sale, or holding them for investment purposes we can help take the accounting and tax stress away.
Properties can be taxed in many different ways. There may be capital gains tax implications, inheritance tax, income tax, corporation tax and/or VAT to consider.
Why use MSK Accountants for your property business?
Landlords have seen a number of tax changes over recent years, where the government have been reducing tax allowances for property owners, not to mention increased stamp duty. This is why you need to act now to ensure you aren’t paying over the odds in tax.
We act for a number of landlords and property businesses, and are therefore very experienced in dealing with all types of property accounting matters. Anything of an extremely specialist nature is dealt with by Chartered Tax Advisors, whom we partner with to make sure you get the best service possible.
