Any business that exceeds the minimum turnover limit set by HMRC( which varies on a time to time basis) will need to contact HMRC with a view to registering for VAT, and to complete a VAT return and file online with HMRC. VAT Returns are normally completed every quarter, but can be prepared on a annual basis depending on your agreement with HMRC.
The Accounting Company prepare VAT returns for all businesses and start ups including sole traders, partnerships and limited companies, be they small or large.
Completing a VAT Return
The VAT Return contains information about your sales and purchases. In essence this will include the following information:
• VAT recorded on your sales invoices.
• VAT due on acquisitions from EU countries.
• VAT recorded on your purchases + VAT due on acquisitions.
• Your total sales excluding VAT.
• Your total purchases excluding VAT.
• Total value of goods you sold to EU countries
• Total value of goods you bought from EU countries.
VAT is a constantly changing tax. With ever harsher penalties being introduced. In today's business environment, it is essential to use a professional accountancy firm. Looking after our clients VAT affairs is fundamental to the overall service we provide.
Many clients like us to assist them with preparing and filing their VAT returns, which we can offer as a cost-effective add-on service. Whether you operate normal VAT, cash accounting or you are registered for the flat rate scheme, The Accounting Company are on hand to help. We can help and offer our expertise in the following areas:
• VAT registration
• VAT returns
• VAT planning
For help and assistance with your VAT returns for the financial year please call us on (0113) 240 3227