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Value Added Tax (VAT)

HMRC requires all businesses with a VAT taxable turnover over the current VAT threshold to be VAT registered.

This is an area where we see lots of business owners, who haven’t taken professional advice on VAT, fall foul. The types of income and the period to consider when carrying out this turnover test is often misinterpreted.

Once registered, VAT should be charged on your sales and the VAT you pay on your business expenses can be reclaimed as an offset on your VAT returns. It is important however to understand the types of expenses where HMRC do not allow the VAT to be recovered, to ensure incorrect claims are not made. At Lima Accountancy, we can ensure this is carried out accurately.

Businesses can choose to register on a voluntary basis if they don’t meet the turnover threshold. There can be advantages to registering for VAT and we can advise on these whilst considering your customer base and the nature of your services.

There are also various schemes that can be utilised to ensure the VAT process works best for your business and does not create additional burden on your cash flow.

At Lima Accountancy, We…
  • Work with you in registering and if appropriate selecting the correct scheme
  • Advise on what purchase VAT can be reclaimed
  • Calculate, prepare and submit your VAT returns online
  • Ensure you are making the correct disclosure and advising on deadlines
The experts to help you manage your business

The thought of handling accounts and tax returns can be a terrifying prospect if you’ve never done it before. So, if you’re thinking of setting up a business, talk to a member of our friendly and approachable team today. For comprehensive accountancy services in West Yorkshire and across the UK, contact Lima Accountancy. You can then leave the accounts to us and can focus on making your business a success!

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What our clients say?

“Have been using Lima accountancy Services for about 4 years now, and in that time they have been pretty faultless in there professionalism and services offered and tasks undertaken. They are always very prompt in returning emails and phone calls regards any query no matter how trivial it may seem. Always efficient and punctual with payroll duties and offer good sound advice where necessary.

I would have no hesitation in recommending Lima to any contractor or colleague as a service for limited company accountants. Also very competitively priced and in particular what I like the most is friendly patient staff, with exemplary detail in the requisite accountancy knowledge to the benefit of your company.”

Mike Parr, Versatile Multimedia Development Ltd

“I have been a client of Lima Accountancy since they started to trade some years now. I have found them to be nothing but extremely good and professional at what they do but not only that they go above and beyond to ensure their clients are comfortable with all they need to be aware of. Never have I understood accounting perhaps I should but I always know if I need advice, Lisa and Mike and even their staff nowadays give a very quick, accurate and professional response.

I have recommended Lima Accountancy more times than I can think of and will continue to do so.”

Cathy Gordon, Freshlook Management Ltd

“I have been a client of Lima Accountancy since 2011, and have found them to be excellent in all aspects of the services that they provide. They are very proactive in their communications with me, and are quick to respond to queries, meaning that I am always confident that my accounting needs are fully accommodated, and that important deadlines are always met well ahead of time. I have also found them to be very knowledgeable in response to a broad range of queries, and as such, I would have no hesitation in recommending them to any other business or individual for their accounting requirements.”

Will Dunkerley, Indigo Blaze Ltd

“I have been using Lima Accountancy services for 2 years after I was dissatisfied with my previous accountants. I am very happy with the quality of service and high level of expertise that Lima have provided.

Michael very quickly and efficiently resolved all the issues from my previous accountants, and has proved himself to be invaluable, answering my many questions and advising on all aspects of my business and personal finance.

I enjoy the peace of mind that comes with knowing that I am with an accountancy firm that provides up to date sound sensible advise, and that I know I can trust to ensure all my tax affairs are in order.”

Eleanor Pickets, Eleanor Pickets Management Services Limited

“We have been with Lima Accountancy Services for the past four and a half years (since August 2011). We have always found the service to be accurate, informative and extremely efficient. you have always resolved complex accounting queries for us and has ensured all of our returns are made accurately and on time.

The service from Lima Accountancy Services has enabled us to get on with running our business in the sound knowledge that our accountancy requirements are met in a professional, accurate and timely manner.”

Amee & Mehul Shah,

“I have been working with Lima accountants since about 5 years. They are extremely reliable, competent, friendly, responsive, cooperative and supportive. Michael and Lisa particularly are excellent. If you are looking for a cost value effective solution for your accounting needs, I would strongly recommend to contact them.”

Julio Franca, Spin Consulting
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