VAT Return services

VAT return services for enterprising businesses

VAT and its intricacies can be vexing, so we’ve designed our VAT return services to provide a trouble-free experience for pioneering business owners.

By hiring the help of VAT experts with the correct tax services, you’ll have the peace of mind that your filing, payments and other obligations are correct.

You’ll know whether you need to register for VAT and have all the advice you need to pick between the various complex VAT schemes.

You’ll finally be able to get back to the core of your business, and we’ll help get you there.

What is a VAT return?

VAT is a consumption tax levied on certain non-essential goods and services at various rates. VAT-registered businesses must add the tax to their prices and repay it to HMRC. You then calculate how much you owe, and report it with a VAT return.

VAT returns can be based on a monthly, quarterly or annual schedule. You should include the VAT you collected from sales (input) and the VAT you paid in expenditure (output), as you then only have to pay the difference — if your VAT output exceeds your input, you’re entitled to a refund. You’ll therefore see the importance of accurate reporting and accounting in the VAT process.

Who has to register for VAT?

If your taxable income exceeded £85,000 in the last 12 months, then you must register for VAT. Similarly, you must register if you expect your income to exceed £85,000 in the next 30 days.

You have 30 days to register from the date you passed the threshold or the date you realised you would soon exceed it. That’s a quick turnaround, but a specialist will help you with the registration process. They’ll also warn you when you’re about to hit the threshold to give you some extra time.

You can voluntarily register for VAT — doing so can improve cash flow, but you’ll have extra VAT administrative burdens to contend with.

Not sure whether you should register early? With our advice, you’ll have all the information to hand to make the right decision.

VAT schemes

There are multiple VAT schemes in the UK, designed to simplify VAT accounting for small businesses with specific needs. The most common include:

• Standard VAT scheme. Businesses with a taxable turnover above the VAT registration threshold must submit VAT returns to HMRC quarterly or monthly. The most common scheme.
• Flat rate scheme. Allows businesses with a turnover below £150,000 to pay a fixed percentage of their turnover as VAT, rather than calculating the exact amount. Ideal for smaller businesses.
• Cash accounting scheme. Allows businesses to account for VAT based on cash received rather than invoices issued. Perfect for businesses that wait a long time to get paid.

Stress-free VAT return services

We understand the stresses you face with your accounting and business taxes — you can remove those stresses with our VAT return services.

We’ll help you from start to finish, from VAT registration to VAT schemes and submitting your return.

Through our service, you also gain access to VAT customs assistance and advice to make your export/import business run as smoothly as possible.

For more information about our VAT return services, all you need to do is get in touch.