Clear Books Understands
VAT, or Value-Added Tax, is charged on most of the goods and services traded in the UK, and some from abroad, too. It applies to businesses whether they're trading to individual customers or other companies, although a VAT-registered business can generally claim back the tax paid.
If you're not sure whether you need to register for VAT at all, we can take you through the different options and help you work out which will be best for you. That best option, of course, may change over time as your business evolves.
Clear Books includes easy-to-use tools for comparing VAT liabilities under standard rate VAT (which uses the difference between VAT charged to customers and VAT paid on purchases), and the flat rate scheme (in which VAT is paid at a fixed rate, dependent on the type of business).
The tool works by looking at the last four VAT quarters and showing the tax payable or repayable. Results are shown in total and quarter-by-quarter under the VAT scheme currently in use, and compared with an estimate of the alternative scheme so you can clearly see how the calculations are made.
Of course, just looking at the raw numbers out of context may not be all that useful to you. It might even give you a false impression if you aren't seeing the bigger picture. Don't worry - we can always talk you through how the options will affect the bottom line of your business.
Not only will our team personally ensure that no mistakes are made with your VAT calculations, Clear Books itself is programmed to know the tax rules and make sure there are no incorrect entries.