Management Accounts & VAT Returns for Businesses
We have extensive experience in preparing management accounts and VAT returns for businesses in Milton Keynes and across the UK.
Management Accounts for Businesses
In most cases, annual limited company accounts are sufficient for giving business owners an insight into how well their business is doing each year. However, sometimes it may be necessary to keep track of the progress of your business through monthly or quarterly management accounts.
We can prepare monthly or quarterly management accounts, if required, to enable you to assess the areas in which your business is excelling and where there is room for improvement. After considering all aspects of your business we will then provide you with a budget to increase both efficiency and profitability. Please contact us if you would like more advice on whether management accounts would be beneficial to your business.
If your turnover is more than £85,000 per year, you are required to register your business for VAT and submit quarterly VAT returns to HMRC.
There are different VAT Accounting schemes, and it can be difficult to know which one is right for your business.
Most small to medium-sized businesses tend to use one of the following VAT Accounting schemes:
- Standard VAT Scheme – where a business submits quarterly VAT returns to HMRC and pays any VAT that is owed on a quarterly basis. Refunds are also repaid quarterly if costs are higher than sales.
- Flat Rate VAT Scheme – where a business pays a fixed percentage of its annual turnover in VAT
It may also be possible to register your business for the Annual Accounting VAT Scheme, which allows businesses to make advanced payments towards their VAT bill and submit one VAT return each year.
To find out more about which VAT scheme would be best for you, please contact us.