Your accountant put you on the standard VAT scheme. Has anybody checked it since?
Every quarter you pay what the default scheme charges and file it without a question.
If your costs carry little VAT, the standard scheme can take more from you than the flat rate scheme would.
Or read on to see how it works.
How a VAT scheme gets picked, and then never looked at again
- You register for VAT
- Standard scheme by default
- Returns filed each quarter
- Box 4 almost empty
- Nobody raises it
- Years of quarters pass
The scheme was a tick box on day one, and it has been running ever since.
Nothing goes wrong, so nothing gets reviewed. A consultant with software subscriptions and reverse charge services reclaims almost nothing, and still pays the scheme built for a business with real input VAT.
Five VAT questions your accountant should already have answered
If you cannot answer these today, the scheme is running on autopilot.
- Which VAT scheme are you actually on right now?
- Who chose it, and in which year?
- How much VAT did you reclaim last quarter?
- What would the flat rate scheme have charged instead?
- When was the scheme last compared on your figures?
That makes everything downstream harder.
What a proper VAT scheme review looks at before it changes anything
Same quarter. From your live figures. With the reasoning written down.
I compare what the standard scheme has charged you against what the alternatives would have charged on the same invoices and costs.
- 3schemes compared properly
- Your real input VAT
- Your invoice pattern
- The right scheme chosen
- You pay the correct VAT
If the standard scheme is right for you, I tell you that and we leave it alone.
What changes in your first ninety days with Nexus
The scheme question gets settled first, then the rest of the set-up.
- Before day one
Your figures, not assumptions
I look at your last four returns, your costs and your invoice values before we speak.
- Day 30
The scheme decision made
You get the comparison, the recommendation and the reason it is right for your business.
- Day 60
Books and returns on a routine
Bookkeeping and VAT returns run to a timetable so the numbers are current when you need them.
- Day 90
Your tax bill, a month early
Corporation tax and dividend headroom forecast so the money is there before the bill lands.
The set-up review is included when you join Nexus
Sixty minutes with me on your own numbers: structure, VAT scheme, salary and dividends, software and bookkeeping.
One review, four decisions checked.
You leave with a written list of what to change and why, and a corporation tax and dividend forecast, whether or not you go further.
Nexus takes three new clients a month, and the handover from your old accountant carries no separate charge.
Who this VAT review helps, and who it will not
I would rather tell you now than after a wasted call.
This is for you if
- You run an established limited company turning over £150,000 or more.
- You are a consultant or contractor with high invoice values and few costs.
- You are VAT registered and nobody has reviewed the scheme since registration.
- You run a construction or trades business with staff and overheads.
- You want the advice included in the fee rather than billed by the hour.
This is not for you if
- You are a start-up in your first or second year of trading.
- You are a sole trader turning over under £150,000.
- You hold property only and want a landlord specialist.
- You run a cash business and would rather not discuss the numbers.
- You are buying on price and the cheapest filing service will do.
Two minutes. If it fits, you’ll book the set-up review with Nasir.
What you actually get when the advice is part of the fee
- The right VAT scheme
- My tax bill a month early
- A salary and dividend plan
- An accountant who replies
One monthly fee covers the filing and the advice, reviewed by me rather than a rotating account manager.
Think your accountant should have checked this by now?
Answer six quick questionsNasir Rasheed MAAT AATQB, Milton Keynes, working with clients UK-wide.
See if your finance function fits your size / structure
Accredited and certified
Privacy Policy · Terms and Conditions · Website by Fiscal Flow