VAT Accounting
Traders within the retail sector are allowed to select from eight different methods of calculation for Value Added Tax (retail schemes). Those in common use among independent traders, like yourself, are not generally used by the superstores or multiples. This is because small businesses do not usually have the resource available to operate the more complex (but more beneficial) schemes. The larger trader pays less VAT pro rata to turnover than the small independent.
Some methods of VAT calculation (maybe the one you are using) are even warned against by Customs! Indeed one of the most commonly used (Apportionment Scheme Method 1 - formerly Scheme D) falls into this category.
Choosing Your Retail Scheme
To illustrate the importance of choosing the correct scheme for your business, we ask just one question:
Which VAT payment would you choose?
£537.80 £432.41 £136.39 £169.64
You will be surprised to hear that nearly 40% of shop keepers with such a choice choose to pay the £432.41 (Apportionment Scheme Method 1). In fact they make such a choice without even knowing what the results of the other calculations are. Even more surprising is the fact that all the above payments would be accepted by Customs for the same trader in the same VAT period.
Our Service
White Knight is able to calculate from all retail schemes and select the best method or combination of methods for your business; often dramatically reducing the amount of VAT you pay per quarter. We also collect and return your work, usually within 5 working days, as well as assist at VAT control visits, and all from as little as £75 (+ VAT) per quarter.
White Knight may also be able (subject to permission) to recalculate prior periods, often recovering many thousands of pounds overpaid to the VATman. It is not necessary for mistakes to have been made for Customs to owe you money.
No Obligation Offer
We are so sure that we can improve upon your existing system that we are prepared to process one return for you (at no obligation) to illustrate the benefits of our service.
Simply contact us now and we will arrange for one of our representatives to collect your work, process and return it within five working days. We will then leave it entirely up to you to decide if you wish to continue with our service.
So Why Change?
Not only do we offer the best service at a local and national level, but we are also offering to calculate all the schemes for which you qualify. We personally collect and return your work (at no extra cost), provide free assistance at VAT visits and have the ability to recalculate prior periods. All this, along with our no obligation offer, makes our service one of the most affordable and effective methods of calculating VAT - definitely good news for retail traders!
If you are happy paying too much money to the VATman then simply stop reading. If not, contact us now.
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