If you own your own business and you are getting closer to the VAT threshold which requires that you sign up for it, you may well be getting nervous about that fact. VAT is a double edged sword in a sense – it is good that you are bringing enough in to warrant paying it in the first place. But it is also nerve wracking because you have a fresh lot of paperwork to do every three months.

It pays to start thinking about VAT before you reach the point where you need to register. Since it is worked out on a rolling year it isn’t just a question of thinking about whether you are over or under the threshold every time we go into a new tax year. You need to think about it on a monthly basis. This means it pays to keep fully up to date with your accounts – particularly if you know you are sailing close to the threshold amount itself.

The more you know about your financial situation in business, the better you will be able to prepare for the potential of applying to be VAT registered. Of course some businesses apply straightaway regardless of what they may be bringing in. Your own individual situation may vary though, so do make sure you get proper professional advice if you are just thinking of starting out and you want to know whether you should join or not.

The important thing to remember is that nerves are fully understandable. They are also the key to helping you figure out what you are nervous of. Is it something unknown? Is it something you have always had nerves about? What about the fear of getting things wrong?

In short it is the act of getting to the bottom of your fears that enables you to think about tackling them in the right way. For example you should be willing to think about why you are nervous about VAT if you want to reach the point where you won’t be nervous any more. Most people find they are simply nervous because they don’t know what to expect. It is exactly the same with anything new.

So don’t worry too much about VAT. Once you get close to the threshold you can start finding out more about it and giving yourself the knowledge you need to get everything right.

Testimonials

Total Accounting have taken a great weight off my shoulders by sorting out the mess due to non-submission of tax returns for a number of years . They even managed to get large rebate in the process and since then ensure my liability is kept to an absolute minimum. Very informal and pleasant as well as efficient and professional

Tony Green - | Cramlington

I was very happy with the fast and efficient response and service that I received from this company.
I was appointed an executor to a very complicated last will and testament, I also found that I needed professional advice quickly to sort out a big financial dispute between two other estates that had bequeathed money to charities and also to the deceased estate that I was appointed to look after. 
The main problem was that the amounts of money had been bequeathed using different methods to calculate percentages to third parties. 
I felt very lost. 
With this companies help I also found out that financial irregularities had occurred, I could not have work this out by myself.
Fortunately I got the financial help and advice I needed alongside easy to understand answers to my questions from this company, 
With their help I now have managed to sorted out the all the complicated problems of money transferring between different people in a series of wills accurately.
I can recommend them, and I would happily go back to them if I were needing any financial accounting in the future.

Robert E Etherington - | Sunderland

Total accounting are given all our invoices and receipts, and they do everything. This saves all the work we used to do ourselves. Not only that, but they also look after our wages as well as providing assistance and advice throughout the year, all included in the charge. By following their suggestions, we have also made savings in our tax liability. As a small business their expertise and support is really appreciated.

Ian Clarke - Ian Clarke Gardening Services | Newcastle upon Tyne

Total Accounting have dealt with my accountancy and tax affairs since starting as a self-employed counsellor about 5 years ago.

 Advice and service received has been fantastic’ and yet the fees are very reasonable.

 Highly recommended.

Maggie Hallam - | Washington

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