• As someone who knows little about running a business from a financial and statutory perspective I find Ramanah & Associates very reliable and helpful in ensuring I meet all my statutory obligations. A very organized and proficient service
    Author : Carla Ramanah
    Stable Manager
    Forbach Stable
  • This is to certify that Ramanah & associates has undertaken our financial and secretarial duties since incorporation of our company and has performed its task without delay.Its staff is painstaking and diligent. Our records are kept in full confidentiality and we trust them for their intelligent counselling of our financial management. We sincerely support them for any future endeavours.
    Author : Vijay Luchmun
    Managing Director
    Vijay Trading Co Ltd
  • It's my pleasure to inform you that your company has always delighted us of prompt services and suggest others not to hesitate to approach your company for the excellent services.
    Author : Mrs Woocheet
    Director
    Jayelec Company Limited
Testimonial

Customer Testimonials

" As someone who knows little about running a business from a financial and statutory perspective I find Ramanah & Associates very reliable and helpful in ensuring I meet all my statutory obligations. A very organized and proficient service ! "-Carla RamanahStable Manager Forbach Stable
" This is to certify that Ramanah & associates has undertaken our financial and secretarial duties since incorporation of our company and has performed its task without delay.Its staff is painstaking and diligent. Our records are kept in full confidentiality and we trust them for their intelligent counselling of our financial management. We sincerely support them for any future endeavours. ! "-Vijay Luchmun Managing Director Vijay Trading Co Ltd
" It's my pleasure to inform you that your company has always delighted us of prompt services and suggest others not to hesitate to approach your company for the excellent services. ! "-Mrs Woocheet Director Jayelec Company Limited
More Testimonials

VAT

If this is becoming a nuisance for you why don’t you contact us. We can help you prepare your returns and meet the VAT deadlines. Our Accountants are well versed in the UK VAT rules and the European VAT mechanism. Let us take the headache of compliance with the ever changing rules of the European VAT regulation.

Our VAT department provide the following services

  • VAT Registration and deregistration
  • Administration and compliance
  • Completion of VAT returns
  • VAT reviews
  • Attending VAT inspection and enquiries
  • VAT appeals
  • Review of VAT accounting systems

Important information and dates:

  • An individual is suppose to be VAT registered if their taxable supply in the previous twelve month is more that £77,000.
  • Even if your Taxable supply does not reach the £77,000 benchmark, you can still apply for a VAT number through the Voluntary application.
  • the deregistration threshold is £75,000. If your VAT taxable turnover for the year is less than or equal to £75,000, or if you expect it to fall to £75,000 or less in the next 12 months, you can ask to be deregistered if you wish so.
  • The Vat filing and payment due date is one month after the VAT period. However if you use online filing then you get and extra 7 days to file and pay your VAT. i.e if your VAT period ends in January 2013 then your filing due date will be 7th of March 2013.
  • you can apply for Cash accounting scheme if your turnover is in the next tax year is not going to be more than £1.35 million and can keep using this scheme until your turnover does not exceed £1.6 million.
  • Annual accounting scheme is another one that you can use. The advantage of this scheme is that it can reduce paperwork and help you better manage your Cashflow. To use this scheme your turnover during the next tax year will be no more than £1.35 million and you can keep using it until your turnover is more than £1.6 million.
  • Flat rate scheme can be used if both of the following are true:
    • your estimated VAT taxable turnover - excluding VAT - in the next year will be no more than £150,000
    • your estimated total business income - including VAT - in the next year will be no more than £191,500
  • If you use a Flat Rate Scheme, you don't have to keep a record of the VAT that you charge on every sale or pay on every purchase. You calculate your VAT payments as a percentage of your total VAT-inclusive turnover.

    Once on the scheme you may continue to use it to account for VAT until your total business income exceeds £230,000.

  • If you're a retailer, and you can't account for VAT in the normal way, you can simplify your VAT accounting by using a retail scheme. A retail scheme can be standard or bespoke.

You can use one of the published schemes if your annual retail turnover - excluding VAT - is under £100 million. There are lower limits for some standard schemes. If your turnover is higher than £100 million, you must agree a bespoke scheme.

If you use a standard retail scheme, you will work out the VAT on your sales by using one of the following methods:

  1. point of sale
  2. direct calculation
  3. apportionment

You will move onto a different direct calculation or apportionment scheme if your retail turnover - excluding VAT - rises to more than £1 million.