Our Online VAT Returns Process
Firstly, we check if there are any inaccuracies with your bookkeeping.
We will then go through these transactions and claim for all VAT you incurred while ensuring you pay as little as possible.
Once we are happy, we will then review your business circumstances to see if there are any recommendations that can be made.
We submit the VAT return to HMRC. We will also act on your behalf if you get a VAT inspection.
If in the previous 12 months your turnover has reached the VAT threshold amount of £85,000 (As of April 2013) or you expect your turnover to reach £85,000 in the next 30 days then it is mandatory that you must register for VAT.
If you are under the VAT threshold amount of £85,000 then you do not have to charge VAT on your goods and services. The threshold amount can change so make sure to check the HMRC website each year to ensure you are not over or under this amount.
VAT returns must be filed to HMRC on a quarterly basis, or an annual basis depending on your chosen VAT scheme (usually quarterly basis). The deadline for filing VAT returns is 1 month 7 days after the period end date. For example, if your VAT period ended on January 31st, you return would be due to HMRC no later than March 7th.
Yes, some businesses feel that having a VAT number adds a certain credibility and prestige to their company, so they voluntarily register for VAT. However, if you want some advice regarding whether it would be beneficial for you , then please don’t hesitate to contact us.