We’ll prepare & submit your VAT return for you
Does the thought of submitting your VAT return make you anxious? Maybe you’re scared of getting it wrong, or simply don’t have time to do it?
You’re not alone. Lots of business owners find preparing and submitting their VAT return daunting. There are so many rules and regulations to remember and, if you get it wrong, you could be fined.
But that’s where we come in.
Having our team of experts on your side means you can stop losing sleep over missed VAT return deadlines and concentrate on running your business.
Who needs to submit a VAT return?
You must register for VAT – and submit a return – if your business has, in any 12 month period, a taxable turnover of £85,000 or more. This applies whether you’re a sole trader, partnership or limited company.
It is also now compulsory for all VAT-registered businesses to submit their returns online via HMRC’s Making Tax Digital (MTD) system.
Although MTD has been designed to make submitting your VAT return easier and faster, you still might not relish the idea. If so, we can do it for you.
The benefits of outsourcing your VAT return
Outsourcing your VAT return is a great solution if:
You’re worried about messing up your VAT return
You haven’t got time to do it yourself
You’re scared of missing the deadline
You don’t want to risk being penalised by HMRC
You want to spend your time focussing on your business – not worrying about your VAT return
But that’s not all. Thanks to our team’s years of knowledge and expertise, we won’t just save you the time and stress of preparing and submitting your VAT return yourself – we’ll save you money too.
Because by accurately calculating your costs, we’ll ensure you don’t pay a penny more than you have to.
» How do I find my VAT number?
Your VAT number can be found on your HMRC VAT registration certificate.
» Who can charge VAT?
Businesses that are registered for VAT can charge VAT on their goods and services. Businesses must register for VAT if their taxable turnover is more than £85,000.
» What are the main VAT rules?
The main rules for VAT include:
- VAT must be charged at the correct rate
- VAT records must be kept and updated regularly
- VAT returns must be submitted on time to HMRC
- Businesses must pay all VAT due in full
» What is meant by UK VAT?
UK VAT stands for ‘Value Added Tax’ and is a tax on certain goods and services within the UK. All businesses registered for VAT must charge it on their goods and services at the appropriate rate, collect it from customers, pay it over to HMRC, and keep accurate records of all transactions.
» What are VAT liabilities?
VAT liabilities are the amount of VAT that must be paid to HMRC by a business. It is calculated by subtracting any input tax (the VAT that has been paid out) from the output tax (the VAT charged on sales). Any difference between these two figures must then be paid to HMRC as your liability.
» Which businesses are VAT exempt?
Businesses providing certain services and goods are exempt from VAT.
Examples of these are:
- Education services
- Healthcare and medical services
- Charitable activities
- Overseas sales of goods to non-EU customers
- B2B postal services
- ‘Zero-rated’ goods (such as food, children’s clothes and books) are not exempt but still have a 0% rate of VAT
If you’re unsure if your business is required to pay VAT, or want to know more about the process and how Angel Bookkeeping & Payroll Services can help with your specific needs, get in touch today.
» What is meant by input VAT?
Input VAT is the VAT you have paid out on business-related purchases. It is then deducted from the output tax (the VAT charged on sales) to calculate the total liability of your company. To claim input tax, you must hold a valid receipt or invoice from your supplier that shows how much was paid, what it was for and how much VAT was charged. All input tax must be claimed in the VAT return you submit to HMRC.
» What is VAT treatment?
VAT treatment is the process of calculating and paying VAT on supplies made by a business. This includes charging the correct rate on sales, deducting input tax from payments you’ve made, submitting your VAT return and paying any amount due to HMRC.
» Is VAT collected during a particular accounting period?
Yes, VAT must be collected during a particular accounting period. This is usually done in the form of a quarterly or annual VAT return that must be submitted to HMRC. The return details all sales and purchases made by your business and any credit notes or refunds issued. The total amount of output tax (VAT charged on sales) minus input tax (VAT paid out on purchases) must be included in the return, and any difference due to HMRC must also be paid.
» What are VAT rates?
VAT rates vary depending on the goods or services being supplied. The standard rate of VAT is currently 20%, however reduced rates such as 5% and 0% may apply to certain items. It is important to check with HMRC which applies to your business.
» As a UK Company with a taxable turnover just under £85,000, do I have to pay VAT?
No, if your taxable turnover is below £85,000 then you do not need to register for VAT and therefore will not have to pay the tax. However, you may choose to voluntarily register for VAT which would allow you to charge other businesses VAT on sales. This would also give you the opportunity to recover any input tax that has been incurred on goods services used for your business.
Angel Bookkeeping & Payroll Services can help you decide on your VAT position and if voluntary registration is the right decision for your business.