At Bernard Rogers & Co, we provide VAT return services and guidance to both companies and individuals.
Many of our clients find preparing and filing VAT returns challenging. We can understand why as making sure VAT is charged and reclaimed properly can be time-consuming and surprisingly difficult for many small businesses. This is especially true since HM Revenue and Customs (HMRC) changed their penalties regime, meaning simple mistakes on a return could result in a penalty being charged.
With Making Tax Digital (MTD) taking effect from 01 April 2019, many businesses are looking for guidance on the effects of MTD and how best to ensure their business remains compliant. We are supporting our existing client base with the changes and would be delighted to assist any new clients with implications of MTD as well.
To discover the VAT return services and Making Tax Digital services we provide, call us on 01926 851516 or send an email to firstname.lastname@example.org
Usually submitted quarterly, a VAT return is a calculation of how much VAT should be paid to, or reimbursed by HMRC.
This is calculated by looking at:
If your turnover in a cumulative 12 month period exceeds the VAT registration threshold of £85,000, you must register for VAT and start submitting VAT returns to HMRC. If you fail to do so, you will be liable to penalties and interest charges.
Once you have registered for VAT, you must submit a VAT return each quarter, even if you think you have no VAT to pay or reclaim.
It is important to note that the VAT threshold figure is calculated on a rolling 12-month basis and not on a calendar or business’ financial year.
Even if you do not exceed the VAT registration threshold, it can be beneficial to register voluntarily. As tax specialists, we will review your circumstances and advise you whether this would be beneficial to you.
Our VAT return service ensures you comply with VAT legislation and file your returns on time. We will prepare or review the financial information for the quarter, analysing VAT transactions as appropriate, ensuring the correct level of VAT is paid to HMRC.
If you are new to the Flat Rate VAT scheme we can help you complete your first VAT return, providing you with the knowledge to complete these going forward.
We are also able to provide you with advice about registering for VAT for the first time, assisting you with VAT investigations, advising you about VAT on property and also with VAT planning for any large or unusual business transactions.
To discuss our VAT return services in more detail please get in touch by calling us on 01926 851516 or send an email to email@example.com
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