Your VAT Obligations
With the launch of Making Tax Digital (MTD) by HMRC in April 2019 for VAT registered businesses over the VAT threshold, it is vital that you are compliant and your records are now kept digitally. MTD will eventually affect all businesses, so keeping up to date records electronically now will mean no future changes to remain compliant.
Businesses must register for VAT if their sales in any 12 month period are over the VAT registration threshold. It may be an advantage to a business to register for VAT voluntarily even if their sales are below the registration threshold.
VAT is charged on the sale or loaning of goods and services, the selling of business assets, commission charged and even the sale of items to staff, such as canteen meals. So that HMRC is kept up-to-date on your VAT activity, every three months you must submit a VAT Return for what is known as your accounting period. The return contains records of activity such as:
- Your total sales and purchases
- The amount of VAT you owe
- The amount of VAT you can reclaim
You must submit a VAT Return even if you have no VAT to pay or reclaim.
Our Solution
Dealing with all matters connected to VAT can be complicated and stressful, and with the accounting period coming around every quarter, it means that you are never far away from your next submission.
The good news is that we can take care of your VAT return for your business. We will do that either as part of the overall bookkeeping package that we have sat down and developed in partnership with you or we can provide the service as a single project once every three months.
Whichever way you choose, we’re here to provide that VAT Returns service and as part of our service we will:
- Produce VAT reports
- Prepare the necessary paperwork in an accurate and timely way for submission
- Submit the return to HMRC on your behalf
We will ensure the return is submitted on time and we will let know about any payments that may be due to HMRC. We know how complicated VAT and VAT returns can be for you and your business so we are here to ease that burden and leave you to get on and do what you do best, run your business.
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