From only £40 per month
Quarterly returns submitted to HMRC
Fully Making Tax Digital compliant VAT returns
Regular reviews to minimise your VAT liabilities
Who needs to file VAT returns?
A business must register for VAT if its taxable turnover in a 12-month rolling period exceeds £85,000, regardless of whether it is a limited company, a sole trader or a partnership.
If your business only sells exempt supplies for VAT purposes, then you will not need to register for VAT regardless of your turnover.
All VAT-registered businesses need to file VAT returns online, usually on a quarterly basis (known as your accounting period). The date for submitting your return and paying HMRC is usually 1 month and 7 days after the end of your accounting period.
How do you calculate the VAT owed or due back from HMRC?
There are a number of VAT schemes available to benefit small and medium-sized businesses and we can assist you to find the right one for your business.
Figuring out how much money you owe to HMRC in preparation for submitting your VAT return is a relatively simple process. You will need to calculate the difference between the VAT charged on your goods and services and the VAT your company pays on business purchases.
Standard VAT Scheme
The most traditional and common method – with the outcome being that your business will pay HMRC the difference between the VAT your business charges on its sales and the VAT you’ve paid on your purchases. This scheme requires you to keep records of all of your sales and purchases, which can be an admin burden.
Flat Rate Scheme
If your business’ annual turnover is less than £150,000 per year, then you may be eligible to join this scheme. The benefit of this scheme is that you do not need to keep a detailed record of your purchases, as you would need to do with the Standard VAT Scheme. You may also find that you pay a lower VAT rate to HMRC depending on the type of business you own.
Annual Accounting Scheme
This scheme aims to ease your business’ monthly cashflow burden, by requiring you to make advanced VAT payments based on the estimated annual turnover. This scheme will likely be inappropriate for you if you regularly claim back VAT from HMRC.
There are many more schemes available, including specialist schemes. We can help you pick the VAT scheme best suited to your business.
Why choose us to produce your VAT returns?
We use fully qualified Chartered Tax Advisers, which will give you the peace of mind that your VAT affairs are being looked after by professionals. Let us help you save your time and stress by managing your VAT affairs, whilst you focus on your growing your business.
2) Tax efficiency reviews
We will conduct annual tax efficiency reviews, to assess whether you are on the most beneficial VAT scheme for your business, and advise you to switch if it is more tax efficient for your business.
3) Reduced risk of late filing penalties
By utilising automated email reminders, we will ensure that your VAT returns are filed on time, which will will keep you out of the cross hairs of HMRC.
What is your process to produce the VAT returns?
1) Deadline reminder
We will send you an email reminder of deadlines and we will ask for all of your accounting records.
2) Produce your VAT returns
We will use your accounting records to produce your VAT returns. These will go through our internal review process so you have assurance that it has been reviewed by Chartered Accountants and Chartered Tax Advisers.
3) Approval of your VAT returns
We will share the VAT returns for you to review and provide your approval.
4) Filing and submission
Once you’ve provided approval, we will get your VAT returns submitted to HMRC.
How much will my VAT returns cost?
Please note that VAT returns are an add-on service to our accountancy packages.
Our VAT returns services start from only £40 per month, which includes everything from registration to submission.
If your VAT affairs are particularly complex there may be an additional charge. Don’t worry though, all fees will be agreed up front before any work takes place.
What other services do you provide?
From only £25 per month
From only £12 per month
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We offer a no fee no obligation consultation at a location convenient for you… it has never been easier to start saving money.