VAT Returns

Our expert team can complete and submit your VAT returns on a regular basis and provide advice to ensure that you are always compliant with HM Revenue and Customs.

We work with several businesses completing their bookkeeping on a regular basis and then submitting their Vat returns as and when needed.  As a client you will be designated with a point of contact who will oversee all of your work ensuring you have consistency and completeness when it comes to having this area of your business taken care of in a timely manner.

VAT and Registration

If your business is VAT registered, you must charge VAT (at the rate currently in force) on your taxable supplies. You are also entitled to reclaim any VAT you’ve paid on business-related goods or services, dependant on the scheme you operate under.

You must register your business for VAT with HM Revenue and Customs (HMRC) once the taxable turnover hits the current registration threshold.

Trading below the current threshold your business may be able to register voluntarily. Some businesses choose to do this so they can reclaim the VAT that is charged to them by other businesses. It is always important to understand your position thoroughly before making any decisions about doing this.  It is equally as important to understand how you monitor your turnover for registration purposes.

For the latest information on the VAT threshold, go to https://www.gov.uk/vat-registration

Completing a VAT return

If you’re VAT registered, you must report to HM Revenue and Customs (HMRC) the amount of VAT you’ve charged and the amount of VAT you’ve paid. This is done by completing a VAT return, which is usually, but not restricted to every three months. FYI – these can be monthly and/or annually too.

Your VAT responsibilities (when registered)

• Charge the right amount of VAT applicable to the taxable supplies you make
• Pay any VAT due to HM Revenue and Customs in a timely manner
• Submit regular VAT returns in line with the applicable scheme rules to which you operate
• Keep detailed VAT records and be able to reconcile your VAT account
• Produce correctly formatted Vat Invoices for your supplies made, and;
• Most VAT registered businesses must now follow the rules for Making Tax Digital (MTD) by submitting and keeping records electronically

Contact us for more information on how we can support the VAT requirements of your business.