VAT Returns Service
One of the most stressful issues with VAT Returns in the UK is the complexity of the regulations and the potential for errors. These common errors can cost your business money in fines and can even result in legal action.
Escape the admin trap and pass the responsibility to a professional. Once your turnover is above the threshold (currently £90,000) you will be legally required to become VAT registered to charge and pay VAT. Our VAT Returns Service makes this easy for you by providing end to end VAT Returns preparation.
What is Included in our VAT Returns Service?
- VAT Registration – With HMRC if you’re not yet registered.
- VAT Returns – Preparation and submission of your VAT returns to HMRC.
- Record-keeping – Maintenance of accurate records of your VAT transactions.
- VAT Advice – Guidance on VAT rates, exemptions, and the VAT Flat Rate Scheme.
- VAT Compliance – Your accountant ensures that you are compliant with VAT regulations.
- Representation if HMRC investigates your finances.
The HWB service offers regular management of your records, we provide advice that prepares you and your business with accurate accounting and timely compliance.
What is the VAT Returns Process?
- You Contact HWB
- We complete your VAT Return
- You Approve It
- We Send it to HMRC
It’s that easy.
Why Outsource your VAT Returns to HWB?
Without an in-house team to manage your accounts VAT Returns can be confusing. By outsourcing to our specialist team we will ensure you return the right amount of VAT and all compliance requirements are adhered to.
Here’s why:
The Rules and Regulations are Complicated
That can lead to confusion and anxiety for responsible business owners with an abundance of admin and compliance that takes time away from other areas of your business.
Outsourcing your VAT Returns Service to a specialist provider can reduce admin and the risk of errors on your accounts which cause delays and delays cost your business money.
Missing an HMRC Deadline can Result in a Penalty
A penalty and interest charges soon build up and eat into your profit.
If you’re stretched for time and don’t have a professional team to take the chore away, that’s even more unnecessary stress which can all be avoided by asking for a VAT Returns Service.
An HWB Chartered Accountant can ensure you have the necessary information and paperwork to complete your VAT Return accurately and on time.
A VAT Return Service Helps you to be Tax Efficient
A financial expert can highlight areas where you can improve your tax efficiency. They’ll look at which VAT scheme is suited to your business and explain why so that you feel confident with their recommendations.
Outsourcing your VAT Return is Cost-Effective vs Hiring
An in-house accountant that works for you 365 days a year might not be needed. An HWB accountant will remain at your fingertips, but you pay for the time and services, such as a VAT Return, that you need.
That usually makes outsourcing more cost-effective.
The UK is Making Tax Digital
As of 2021, businesses with a turnover above the VAT threshold of £90,000 must keep digital records as part of a “Making Tax Digital” Government scheme.
Since the changes, businesses must submit their VAT returns using MTD-compatible software.
Further MTD requirements for income and corporation tax will be phased-in and adapting to these changes takes time. Our accountants research and keep up-to-date with legislative changes so you don’t have to.
When is the Deadline for Filing a VAT Return?
For the Standard VAT Accounting Scheme:
- If you file quarterly, the deadline is one calendar month and seven days after the end of the VAT period.
- If you file annually, the deadline is two calendar months and seven days after the end of the VAT period.
For the VAT Annual Accounting Scheme:
- You’re required to make advance payments towards your VAT bill based on your estimated annual liability, and you will file one VAT return each year.
- The deadline for filing this return is two calendar months and seven days after the end of the VAT period.
What VAT Scheme Should You Use?
That depends on your business’s turnover and its cash flow needs.
Here is an overview of some of the most common VAT schemes in the UK:
Standard – Under this scheme, businesses charge VAT on their sales and can reclaim VAT on their purchases, subject to certain restrictions.
Cash – This scheme allows businesses to account for VAT based on cash received and paid rather than on invoices issued and received.
Annual – This scheme allows businesses to make one VAT payment based on the estimated annual VAT liability.
Flat Rate – This scheme allows businesses to pay a fixed percentage of their turnover as VAT rather than calculating the actual VAT on each transaction.
If you’d like some support in managing the complexities of VAT Returns, contact our HWB team today on
023 8046 1200 or email admin@hwb-accounts.com.
Let’s Talk
Why not arrange a FREE consultation and find out what we can do for your business.
The HWBulletin
Our HWBulletins cover a range of subjects, including some of the services that we offer and an update of the recent changes that have, or will take place.
Read latest issue.
Impact of FRS 102 Amendments on Charities SORP Compliance
Ex gratia payments: understanding your responsibilities and the changes expected from the Charities Act 2022 implementation