Expert Guidance Whenever You Need It
If you’re a business owner, odds are you’re already familiar with Value Added Tax (VAT). UK businesses that meet the taxable turnover threshold are required to submit a VAT return detailing the amount of VAT they have charged and paid. However, matters surrounding VAT may seem daunting and complex to those without the necessary knowledge and experience.
Our accountancy professionals regularly support clients in dealing with challenges related to VAT returns. Offering clear, concise and actionable advice, we draw on our expertise to help you get back to business as soon as possible.
How We Can Help
If you’re struggling to make sense of your VAT return, the Boughton Accountancy team can provide the expert assistance you need. Our VAT return services can help:
- Calculate the amount of VAT payable to or redeemable from HMRC
- Prepare and submit VAT returns within the applicable deadlines
- Ensure compliance with all laws and regulations surrounding VAT
- Avoid potential inaccuracies that could lead to a surcharge or penalty
- Minimise the time you spend dealing with issues relating to VAT
- Advise you on any relevant exemptions or VAT inspections
- Support you in meeting the requirements set out by the Making Tax Digital scheme
What Does a VAT Return Look Like?
You’ll need to become VAT-registered if your annual taxable turnover exceeds the threshold set by HMRC. If your taxable turnover is below the threshold, you can still register voluntarily. Once your registration is complete, you’ll be expected to submit a VAT return on a fixed and regular basis.
In essence, your VAT return details your earnings, expenses and the amount of VAT that corresponds to the products and services that you’ve sold and purchased. The difference between the two determines whether or not you’ll be expected to pay more or claim money back.
Why Choose Boughton Accountancy?
Dealing with accounts can be stressful enough, so we do everything in our power to deliver a straightforward service. Backed by extensive experience in all areas of accounting, we quickly get to the heart of the matter, offering the support you need to get things right.
Boughton Accountancy helps businesses make sense of VAT returns UK-wide, decoding jargon and advising you wherever necessary. Our goal is always the same: to deliver a first-rate service in line with your objectives.
Frequently Asked Questions
Do I need an accountant to submit a VAT return?
It is possible for you to submit a VAT return without the help of an accountant, although many businesses choose to enlist professional help nonetheless. Keeping track of VAT can be a complex challenge, especially if you lack the expertise or time to do so.
Any potential inaccuracies can be time-consuming and costly to resolve. Getting an expert to help you prepare and submit a VAT return can therefore be a cost-effective way of meeting your obligations.
Are there any penalties for filing an inaccurate VAT return or missing a deadline?
Yes, HMRC may issue penalties if you default on, delay or inaccurately file your VAT return. In most cases, these penalties take the form of a surcharge which can be added to the amount of VAT you already owe. Failure to submit a VAT return within the required timeframe will trigger a surcharge period lasting up to 12 months. This surcharge period can be extended if the issue remains unresolved by the time the first surcharge period has come to an end.
The costs associated with a surcharge increase as time goes by and are expressed in a percentage of the outstanding VAT. Separate penalties exist for returns that are considered carelessly or deliberately inaccurate.
What’s the deadline for submitting a VAT return?
The majority of businesses pay VAT on a quarterly basis. In most cases, you must have filed a VAT return and paid any VAT owed to HMRC within one calendar month and seven days after the end of the accounting period. Consult your online HMRC account to find the specific dates that are relevant to you.
Can I file a VAT return on paper?
As part of the UK government’s Making Tax Digital (MTD) scheme, tax-related matters should generally be completed online. VAT returns are no exception to the rule, but some businesses may be exempt under certain circumstances.
Exemptions exist for businesses that do not meet the taxable turnover threshold or are in the process of becoming insolvent. You may be subject to a penalty if you file a paper return without having been granted an exemption, so it’s important to check the rules that apply to you.
How much does your service cost?
Our rates are reflective of the level of support you require, ensuring you never pay for what you don’t need. To find out more, feel free to make an enquiry via our contact form. We’re more than happy to provide a quote that meets your needs.