How Outsourcing VAT Return Services in London Can Help a Small Business

VAT services in the UK are not that complex thing, only you need to know few things we tell you. Foreign citizens who come to the countries of the European Economic Area (including the United Kingdom) have the right to claim VAT on goods purchased in and from countries in the European Economic Area. 

When can VAT be Refunded? 

1) Citizens from abroad for short-term travel, citizens who do not have long-term residency in the UK or EEA countries, and citizens who left the EEA country no later than three months after purchasing the goods; 

2) Individuals with no nationality in the European Economic Area who are staying in the UK with long-term visas, and citizens of European Economic Area countries that meet the following conditions: All goods are eligible for VAT recovery, excepting: 

If they have been away from the EEA countries for more than 12 months;

Leaving EEA countries (including also leaving the UK) no later than three months after purchase 

The right to reimburse VAT applies to any product, except for the following: 

• Old and new cars 
• Maritime transport outside the EEA countries 
• Commercial exports of goods worth over £ 600 
• Goods that require an export license (except antiques) 
• Loose diamond 
• Gold or silver ingots weighing more than 125 grams 
• Products ordered via email (including online)

For the VAT taxable sales behavior of the re-registered taxpayer during the period of general taxpayers, if the tax payment has been declared. But the VAT invoice has not been issued and needs to be reissued after the re-registration, the VAT invoice will issue again at the first applicable tax rate or collection rate. In the event of a sales discount, suspension or return, if a red-letter invoice is required, a red-letter invoice shall be issued in the content recorded in the original blue letter invoice. If a wrong invoice is issued and a new invoice is required, a red-letter invoice shall be issued by the single blue letter invoice. After that, reissue the correct blue invoice.

If the trans-registered taxpayer has the behavior as mentioned above and needs to issue a value-added tax invoice at the first applicable tax rate, it should be released under the Internet connection. Individual taxpayers who do not use the Internet for tax purposes by relevant regulations may issue VAT invoices offline.

VAT service outsourcing in brokering agency services do not include wages entrusted by client units to client unit employees and social insurance and housing provident funds paid by agents. 

A good accountant is always up to date.

Regardless of the area of activity, the accountant must always be up to date. In accounting, this search for updating is critical because of the addition to performing his profession within the basic principles of accounting. The accountant must be attentive to the Resolutions and Standards issued by the Federal Accounting Council and to the Accounting pronouncements, in addition to monitoring the constant changes in the tax and social security sectors.

General Taxpayer

(1) Select the general method: deduct the salary and social insurance and housing provident fund entrusted by the client to the employees of the client as the sales amount, and the applicable tax rate is 6%. 

(2) Select simple tax calculation: The total price and special price obtained are deducted from the salary entrusted by the client unit and paid to the employees of the client unit and the social insurance and housing provident fund paid by the agent as sales. Calculate and pay VAT at a levy rate of 5%. 

Small-scale Taxpayers

The total sales price and out-of-price expenses are deducted from the salary entrusted by the client unit to the employees of the client unit and the social insurance and housing provident fund paid by the agent as sales, and the applicable tax rate is 3%. 

Partner in your Company

Mint Accountax is the outsourcing of VAT return services in London. We offer VAT registration services and many other related to accounting and taxation. We hold a good portfolio that shows healthy clientele and trust in us.

A good accountant will wear the company's shirt, becoming a reliable and dedicated partner to deliver the best results. It indicates how the price definition can change your profit margin, guiding the choice of your suppliers, since this can directly influence possible tax credits.We make tax planning adequate to the reality of your company, always aiming to reduce expenses.