At Savage Accountants, we specialize in assisting businesses with two crucial elements of taxation: Corporation Tax and VAT (Value Added Tax).
Our dedicated team is well-equipped to handle the filing of VAT returns and corporation tax returns (CT600) for your business. We understand that many business owners may not be aware of the various VAT schemes available, which can offer significant time and cost savings.
The Cash Accounting Scheme allows you to pay VAT on sales only when you have received the corresponding payments, as well as paying for VATable purchases. This scheme can enhance your cash flow, especially if you have slow-paying customers or high levels of outstanding debtors.
Margin schemes are particularly useful for businesses involved in buying and selling second-hand goods. While traditionally popular in the second-hand car industry, more companies are now utilizing these schemes. If your business meets the criteria, you will only pay VAT on the profit margin generated from the sale of these goods.
If you would like guidance on these VAT schemes or require any other tax advice, we encourage you to contact us to arrange a meeting. Our knowledgeable team is ready to assist you in understanding and implementing these schemes effectively.