Vat Returns

VAT Returns Completed by Online Accountants

If you are VAT registered and need your VAT returns completing we can do these for you. We are experts in completing VAT returns. Let us take this hassle away from you, we can:

Provide VAT Tax Advice
Help you register for VAT
Complete your VAT Accounting
Prepare and file your Tax Return

In 2019, around 2.7 million businesses in the UK were registered for VAT, which is usually charged at 20% on the sale of goods and services.

Most VAT-registered firms need to keep digital records of these sales, and file monthly or quarterly VAT returns using digital software under the Making Tax Digital (MTD) regime.

Unless HMRC has agreed your business is exempt from MTD for VAT, non-compliance penalties will kick in for accounting periods starting in April 2020.

Additionally from April 2020, HMRC will be moving to a points-based penalties system to encourage good taxpayer behaviour.

Your business must register for VAT when your taxable turnover has gone over £85,000 in the previous 12 months or you expect turnover to go over this threshold in the next 30 days.

Your business’s VAT taxable turnover is the total of everything sold that is not exempt.

You can register voluntarily, while you can also voluntarily deregister for VAT if your taxable turnover is less than £83,000.

Schemes exist to simplify accounting for VAT, including the cash accounting scheme, annual accounting scheme, and the flat-rate scheme.

Key considerations

  • Could your business use one of the simplified accounting schemes?
  • Does your business need to be VAT-registered?
  • Are you entitled to claim VAT bad debt relief?
  • Are you accounting for VAT correctly on the fuel used for private motoring? Should you be accounting for the appropriate scale charge?
Phone: 01235 250011
Fax: 01235 250022
28 The Quadrant, The Science Park Barton Lane, Abingdon, OX14 3YS

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