Contrast Accounting Limited T/A Accrue Accounting

Accountants

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Website | 0333 242 7463
Unit E04, Arena Business Centre, Holyrood Cl, Poole BH17 7FP, UK

Opening Hours:
Monday: 9:00 AM – 5:30 PM
Tuesday: 9:00 AM – 5:30 PM
Wednesday: 9:00 AM – 5:30 PM
Thursday: 9:00 AM – 5:30 PM
Friday: 9:00 AM – 5:30 PM
Saturday: Closed
Sunday: Closed


Area Served:
Within 4 miles (6.4km) of Unit E04, Arena Business Centre, Holyrood Cl, Poole BH17 7FP, UK
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If your turnover falls below the current threshold of £90,000 within any 12-month period, VAT registration is not mandatory. However, voluntary registration could still be beneficial for your business. Additionally, being registered for VAT grants you access to the Flat Rate Scheme, potentially increasing your business’s profitability.

Once registered for VAT, you’ll be required to submit VAT returns quarterly, with specific VAT quarters assigned to you upon registration. At Accrue Accounting, our team will handle the preparation and submission of your VAT returns on your behalf. All you need to do is settle any VAT liability due, which can conveniently be arranged through HMRC’s Direct Debit payment option, offering you one less concern to manage.

So, most stuff you buy comes with a 20% VAT tag. But there are exceptions – some things have a different amount of VAT applied, like a 5% or even 0% rate.

Now, here’s the deal: when you charge VAT to your customers, they’re the ones who end up paying for it. You just tack on that extra 20% to your usual price.If you’re selling to other businesses (B2B), signing up for VAT right away is usually a smart move. Why? Because those businesses can claim back the VAT you charge them, so it doesn’t really cost them anything extra.

But if you’re selling directly to consumers or small businesses that aren’t VAT registered (B2C), it’s a bit different. Charging them that extra 20% might not go down too well, because they can’t claim it back. So, you might want to hold off on registering for VAT until you’re sure it’s the right time. But hey, every situation is unique, so it’s always best to chat with your accountant to figure out the best plan for dealing with VAT.

Google Rating: 5.0 out of 5 stars (13 total ratings)

Will Keeling
5 Star
A brilliant service, professional, friendly and very supportive. I've worked with Ricky for a number of years and he is always very quick to respond to my queries, always answering my questions thoroughly. Contrast Accounting have provided a fabulously personalised service giving extremely useful advice with regard to my financial situation. The online accounting systems work flawlessly and integrate brilliantly with my bank account. Moving to Contrast Accounting has taken a big weight off my mind.
Monday 8th April 2024
Alex Colbeck
5 Star
I have always had great service from Ricky @ Contrast Accounting over many years. He really understands my unique needs as an IT contractor and has always offered the most tax-efficient and cost-effective solutions to my accounting. I highly recommend him!
Tuesday 2nd April 2024
NiellsWorld
5 Star
I've had the privilege of working with Ricky and his team at CONTRAST ACCOUNTING LTD for over two years now, and they have consistently exceeded my expectations. Their professionalism, expertise, and dedication to client satisfaction are truly remarkable. I can confidently say that they are nothing short of amazing.
Tuesday 23rd April 2024
Käbi Grewal
5 Star
Been a client of Contrast Accounting since about one year and my only regret is why I didn't sign up with them earlier. They have been so helpful with all the aspects of accounting and really know their job. I have had other accountants in the past, some of which have caused me a lot of stress because of incorrect filing and misscommunication. Contrast Accounting has always been most knowledgeable in their area and always stayed on top of what needed to be done. I have also recommended them to all my friends who have started businesses. 6 out of 5 stars!
Sunday 25th February 2024
Sean Blumenfeld
5 Star
The accountants at contrast accounting are fantastic. They do things early rather than leaving anything to the last minute. They also explain all the complexities in a very easy to understand way and they do it a very personable manner. Their level of service is second to none - fast, responsive, kind and patient. Couldn't recommend them more.
Friday 26th April 2024