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VAT Returns

Clear, expert advice on managing VAT registration and submissions for your business.

If your turnover is more than the current VAT threshold then you may have to register for VAT. If this is the case then you will have to complete and submit a VAT return to HMRC, usually each quarter.

However, even if you are not required to register it can sometimes be beneficial to register voluntarily. Deciding whether you have to or should register can be confusing but don’t worry, help is at hand. We can talk this through with you and ensure that you receive the best advice possible based on your circumstances.

Completing your VAT Returns

Our Cloud Accounting Software allows us to submit your VAT returns electronically based upon the bookkeeping we carry out for you.

However, when we complete your VAT Returns we do not just take the figures from your bookkeeping and submit them to HRMC. We review your bookkeeping to guarantee that you are claiming for all VAT your business has incurred, ensuring you don’t overpay VAT to HMRC.

We can also review your businesses circumstances to see if any recommendations can be made to you.

These recommendations range from advising you to de-register for VAT if you fall below the threshold, to ensuring you are on the most beneficial VAT scheme for your business. For example, if your customers tend to take a while to pay you after you raise your invoices but you pay your suppliers straight away then we may recommend cash accounting for your VAT as this would vastly improve your cash flow.

Once we have discussed all beneficial elements of your VAT setup, we will submit your VAT Return to HMRC.

This thorough process ensures that there is a vastly reduced risk of errors, keeping you and HMRC happy! It also ensures that you do not pay a penny more in VAT over to HMRC than you have to!

Making Tax Digital

Making Tax Digital is the UK government’s new initiative that will digitise the tax system.

From 1 April 2019, VAT registered businesses in the UK with a taxable turnover of more than £85,000 (over the VAT threshold) will have to submit their VAT returns using functional compatible software.

Making Tax Digital for VAT is the first part of the scheme. Other taxes including income tax, self-assessment and corporation tax will follow in the future – timings will be announced by HMRC.

A number of businesses are either exempt from Making Tax Digital or have a deferred start date of October 2019. We can check to see whether your company is in the exempt or deferred category.

Our Tax Digital experts can update you on the scheme and, if it applies to you, how you can prepare for it.