Audit & VAT Services Bangor, Northern Ireland
Audit
The main reasons why you will be required by law to have a statutory audit are…
- You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these);
- You are required by your professional or trade organisation to have your accounts audited;
- Your shareholders do not agree to opting out of the audit.
For accounting periods ending on or after 1 October 2012 audit thresholds are aligned with qualification as a small company, meaning companies (including LLP’s) are exempt from having a statutory audit if they meet 2 of the 3 following conditions…
- Turnover below £6.5million
- Balance sheet total below £3.26 million
- Less than 50 employees
Most subsidiary companies are also exempt from audit where their parent company guarantees their liabilities.
For accounting periods ending on or before 30 September 2012 an audit is required where your turnover exceeds £6.5million or your gross assets exceed £3.26 million or the company is part of a group that exceeds those limits.
We can advise you if you need an audit and if not, you can save on accountancy fees!
However, we aim to deliver hassle-free audits and there are good reasons for having an audit even if you are not required by law to have one…
- An audit involves a detailed review of the company’s accounting systems and systems of control and also requires a detailed understanding of the company’s business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters;
- An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Taxman and suppliers who may be seeking credit references, etc;
- A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market;
- The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster.
We would be happy to help you book a free consultation with us or get a fixed quote for our services. Please contact us. We look forward to hearing from you!
VAT
You must register for VAT with HM Revenue and Customs (HMRC) if your business’ VAT taxable turnover is more than £83,000.
You must register when you go over the threshold, or know that you will. The threshold is based on your VAT taxable turnover – the total of everything sold that isn’t VAT exempt.
Compulsory registration
You must register for VAT if:
- your VAT taxable turnover is more than £83,000 (the ‘threshold’) in a 12 month period
- you receive goods in the UK from the EU worth more than £83,000
- you expect to go over the threshold in a single 30 day period
There’s no threshold if neither you nor your business is based in the UK. You must register as soon as you supply any goods and services to the UK (or if you expect to in the next 30 days).
You may have to register for VAT if you take over a business that’s already registered.
Late registration
You must register within 30 days of your business turnover exceeding the threshold. If you register late, you must pay what you owe from when you should have registered.
Compliance with VAT is complex. Investigations by the VATman can be intense – all the more important that your VAT returns are completed correctly.
We can assist with advising if you actually need to or if it would be beneficial to register for VAT and aid in the completion of the subsequent VAT registration forms and formalities.
We can then advise on the best VAT schemes to use suitable to your business – some you have to notify HMRC you are using and some you don’t.
Once registered, there are three methods we can use to assist in completion of VAT returns…
- Let us do your book-keeping and we complete the return from there;
- Give us your books and we’ll complete the return for you;
- Provide training on how to complete your return.
We complete VAT returns in good time to ensure you avoid any penalties.
In addition we can assist with…
- VAT planning;
- Dealing with any contentious disputes that arise with Customs;
- Attendance at VAT inspections.
We would be happy to help you book a free consultation with us or get a fixed quote for our services. Please contact us. We look forward to hearing from you!