Small Business VAT Services
We will handle the preparation and submission of your VAT return on your behalf.
Are you feeling anxious about submitting your VAT return? Perhaps you are afraid of making mistakes or don’t have enough time to complete it?
Many business owners feel overwhelmed when it comes to preparing and submitting VAT returns because of the numerous regulations to remember. You should know that you’re not alone in feeling this way, and it’s crucial to avoid mistakes that could result in fines.
No need to worry, though – we’re here to help.
With our team of experts by your side, you don’t have to worry about missing VAT return deadlines anymore. Instead, you can focus on running your business.
Which individuals or businesses are required to file a VAT return?
If your business has a taxable turnover of £85,000 or more in any 12-month period, whether you’re a sole trader, partnership, or limited company, you are required to register for VAT and submit a return.
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, it could be more than worth your while taking on our small business VAT services – we can do it for you.
The advantages of outsourcing your VAT return
Outsourcing your VAT return is a great solution if:
You are concerned about making errors on your VAT return.
You’ve no time to do it by yourself.
You’re worried that you might not be able to meet 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
In addition, our team’s extensive knowledge and expertise will not only spare you the time and hassle of handling your VAT return on your own, but also result in cost savings for you.
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 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 is the VAT threshold?
The current VAT threshold in the UK is £85,000. This means that businesses with a taxable turnover of more than £85,000 must register for VAT and submit their returns according to HMRC’s rules.
» What is a VAT-registered business?
A VAT-registered business is a company that has registered with HMRC to charge Value Added Tax on their goods and services. They are required to submit returns, collect tax from customers, pay it over to HMRC, and keep accurate records of all transactions.
» Who can reclaim VAT?
VAT can be reclaimed by businesses that are VAT-registered and have incurred taxable expenses in the course of their business. This includes goods and services purchased from other registered companies, as well as certain travel costs.
» How much VAT will I pay?
The amount of VAT you pay depends on the rate set by HMRC, which is currently 20%. Depending on your business’s taxable turnover, you may be eligible for reduced rates or exemptions. You can find more information on this subject in our ultimate guide to VAT.
» How much is VAT taxable turnover?
The taxable turnover is the total amount of sales that your business has made, minus any exempt supplies. If this exceeds £85,000 in any 12-month period, you must register your business for VAT with HMRC and submit returns on a quarterly or annual basis. You can find out more about how to calculate your taxable turnover here.
» Will I receive a VAT invoice from HMRC?
No. HMRC will not issue a VAT invoice as they are only responsible for collecting and managing taxes. If you’d like to receive an invoice for your payments, you need to ask the supplier of your goods or services for one. They should provide it along with their VAT number and rate applied.
» Can I pay VAT online?
Yes. HMRC offers an online payment service that allows you to make payments using your debit or credit card, or by direct debit. You can find more information about this service here. Alternatively, you can contact us and we’ll be happy to help with setting up a direct debit for you.
» What is meant by a VAT account?
A VAT account is the record of all your business’s transactions related to Value Added Tax (VAT). Your VAT account should include details such as the amount of VAT due on each transaction, when it was paid, and by whom. It also includes any refunds or adjustments you may have received from HMRC.
» Do all businesses pay VAT?
No. Not all businesses are required to register for VAT and pay VAT on their goods and services. If your business’s taxable turnover is below £85,000 you do not have to register but can still benefit from the reduced rate or exemption on certain items.
What is the flat rate scheme?
The flat rate scheme is a simplified way of calculating the VAT due on your sales. It allows businesses to pay a fixed rate of VAT, rather than having to calculate the exact amount due every time. This can be especially useful for businesses with lower turnover or less complicated accounting needs. Your VAT flat rate turnover is calculated using the VAT flat rate percentage that is applicable to your business.
» What other VAT rules should I be aware of?
There are a number of other rules related to VAT that you should be aware of, such as the place of supply rules, which determine where VAT is due. Additionally, there are special schemes for businesses in certain sectors and export/import regulations that may apply to your business. If you have any questions about these or any other VAT topics, our team of experts can help.