VAT Return Filing
Businesses will generally need to register for VAT and file returns if turnover exceeds £90,000. If turnover is below the threshold, then VAT is optional, but can still be beneficial.
VAT Schemes
There are various VAT schemes to choose from depending on the nature, size and needs of your business
- Standard Accounting Scheme
- Flat Rate Scheme
- Cash Accounting Scheme
- Annual Accounting Scheme
- Retail Accounting Scheme
- Margin Accounting Scheme
Filing VAT return on line has never been this hassle-free.
Our commitment at Low Cost Accounts is to provide cost-effective and comprehensive solutions for your VAT return needs. We walk you through the process step by step, from VAT registration to preparing and submitting your returns. With our expert guidance, you’ll not only meet your tax obligations but also optimise your VAT position.
Partner with us today to streamline your VAT return declaration process, minimise errors, and maximise your financial efficiency. Your business deserves nothing less than top-notch VAT expertise, and that’s precisely what we deliver.
VAT Process
A VAT return declaration is a crucial financial document that businesses submit to tax authorities, typically on a regular basis, to report their Value Added Tax (VAT) liability. VAT return declarations serves as a formal statement of the VAT collected from customers minus the VAT paid to suppliers during a specific accounting period. Accurate and timely completion of a VAT return declaration is essential to ensure compliance with tax regulations and avoid penalties, making it a fundamental aspect of financial management for businesses.
Navigating the complexities of VAT return declaration can be challenging for many businesses, and that’s where Low Cost Accounts can be your invaluable partner. Our expert team specialises in providing cost-effective accounting services, including VAT return declaration preparation and submission. With our guidance, you can streamline your tax compliance process, minimise errors, and ensure that you make the most of available VAT benefits. Trust Low Cost Accounts to handle your VAT return declaration efficiently, so you can focus on growing your business with confidence.
FAQs
What is a VAT declaration?
In a VAT return (or ‘declaration’), a taxable person (business) provides the tax authorities in the EU country where they are registered information about their taxable (taxed/exempt) transactions, the VAT they have charged their customers (output tax), and the VAT they have been charged by their suppliers (input tax).
Who is responsible for declaring VAT?
VAT is payable by any taxable person making a taxable supply (‘the supplier’) of goods or services, unless it is payable by another person (Article 193 VAT Directive ).
Do I declare VAT on tax return?
Yes. You should treat VAT appropriately if your business is VAT-registered. If your business is on the Flat Rate Scheme, you should include the difference between the VAT you charged to your customers and the flat rate of VAT you paid to HMRC in the amount of business income you declare.
Can I submit a VAT return without an accountant?
With this in mind, if your company is registered for VAT, you’ll need to use MTD-approved software to file your next VAT Return declaration online. You can also appoint an agent or accountant to file your VAT Return on your behalf or use your VAT online account if you use the VAT Annual Accounting Scheme.
What should I include on my VAT return?
You’ll need to include your total sales and purchases, the amount of VAT you owe, the amount of VAT you can reclaim, and the amount of VAT you’re owed from HM Revenue and Customs (HMRC) (if you’re reclaiming VAT on business expenses).