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VAT Returns

VAT is one of the most complex areas of accounting. From VAT registration to VAT submissions via Making Tax Digital, we can help….

The Legislation

Businesses (whether self employed, partnership or Limited) must register for VAT if your taxable turnover is over £85,000. You can register voluntarily if your turnover is less than £85,000, unless everything you sell is exempt. You’ll have certain responsibilities if you register for VAT.

You can only charge VAT and request VAT reclaims if your business is registered for VAT.

Business owners responsibilities

From your effective VAT registration date, you must:

  • Record total sales and purchases

  • Calculate VAT due

  • Pay any VAT due to HMRC

  • Submit VAT Returns

  • Keep VAT records and a VAT account

Most VAT registered businesses that earn over £85,000 must also follow the rules for ‘Making Tax Digital for VAT’.  Once registered, you must submit a VAT return even if you have no VAT to pay or reclaim.

How can we help?

  • VAT Registration

  • Allocation of correct VAT rates to sales and purchases

  • Calculation of VAT due/ to be refunded

  • Submission of VAT returns

  • The Flat Rate Scheme (FRS)

  • Accounting Software and Making Tax Digital (MDT) for VAT