VAT Return Service
If your business is VAT-registered, you are legally required to file VAT returns regularly with HMRC, typically every quarter. This applies to any business with a taxable turnover exceeding the VAT registration threshold, which is currently £90,000 per year. Even if your business’s turnover is below this threshold but you’ve chosen to register for VAT voluntarily, you are still obligated to file these returns.
A VAT return is a detailed summary of the VAT your business has charged on sales (known as output VAT) and the VAT you’ve paid on purchases and expenses related to your business (input VAT). Depending on these figures, you may either need to pay the difference to HMRC or reclaim excess VAT from them.
Filing accurate and timely VAT returns is essential to avoid penalties, interest charges, and the risk of an HMRC audit. Plus, under the Making Tax Digital (MTD) initiative, all businesses are required to keep digital records and submit VAT returns through compatible software.
We have extensive experience managing all types of VAT for businesses in various industries, ensuring that you benefit from precise and compliant VAT management. Here are some of the types of VAT we handle:
- Standard Rate VAT: For businesses charging the full VAT rate on most goods and services.
- Reduced Rate VAT: For businesses that provide certain goods and services eligible for a lower VAT rate (e.g., some food products and hotel accommodations).
- Zero-Rate VAT: For businesses offering goods or services that are VAT-exempt, such as certain healthcare services or children’s clothing.
- Exempt VAT: For businesses providing VAT-exempt goods or services, such as education and medical services.
- Retail VAT Schemes: Designed for businesses that sell directly to the public, this scheme simplifies VAT accounting for retailers.
- Flat Rate and Cash Accounting Schemes: We advise businesses on which of these simplified VAT schemes might be right for them. The Flat Rate Scheme allows for simpler calculations, while the Cash Accounting Scheme allows businesses to account for VAT based on cash flow rather than invoicing.
Why Choose Us for Your VAT Return Services?
We take pride in offering a hassle-free VAT return service that saves you time, minimises your VAT liability, and keeps your business fully compliant with all VAT regulations. Whether you’re a small business or a large company, we tailor our services to suit your specific needs and ensure that you always meet your filing deadlines.
Our expert team is here to simplify the complexities of VAT, help you avoid costly mistakes, and provide peace of mind knowing that your VAT affairs are in capable hands. Let us handle the intricacies of VAT, so you can focus on growing your business.
We specialise in simplifying the VAT process for businesses of all sizes. Our team offers a comprehensive range of VAT services to ensure your business remains fully compliant with HMRC’s regulations while also helping you optimise your VAT position. Here’s how we can support your business:
VAT Registration
We can guide you through the entire process, ensuring that it is done correctly and efficiently. We will also provide advice on choosing the most suitable VAT scheme based on your business activities and financial situation. Whether you’re eligible for the Flat Rate Scheme, Cash Accounting Scheme, or Standard VAT Scheme, we help you select the best option to suit your needs.
Preparation and Submission of VAT Returns
Our team ensures that all your sales and purchases are properly accounted for, reducing the risk of errors and helping to keep your business compliant with HMRC’s requirements.
Making Tax Digital (MTD) Compliance
With the new rules set out by HMRC under Making Tax Digital, businesses are required to use compatible software for VAT record-keeping and submissions. We can help your business meet these new requirements, ensuring that you have the right tools in place to submit your VAT returns digitally and efficiently.
VAT Reclaims and Deductions
Our team identifies all VAT that your business can reclaim on purchases, helping to reduce your overall VAT liability. We will review your expenses to make sure you are not missing out on any potential VAT deductions, thereby improving your cash flow and reducing the amount you owe to HMRC.
Strategic VAT Advice and Planning
We offer in-depth advice to help you manage your VAT obligations effectively. Our team will work with you to plan and forecast your VAT responsibilities, ensuring that your business avoids surprises and remains in control of its finances. We also advise on the impact of VAT on your cash flow and business transactions, helping you plan for the future.
Communication with HMRC
If HMRC contacts your business regarding your VAT returns, we’ll handle the communication for you. From responding to queries to dealing with more complex investigations or audits, we act on your behalf to resolve any issues and ensure compliance with HMRC’s requirements.
VAT on International Trade
For businesses involved in international trade, VAT can be a complex area. We provide expert guidance on how VAT works for imports, exports, and cross-border transactions, helping you comply with international VAT regulations. Whether you’re selling goods or services across borders, we ensure your VAT affairs are in order.