VAT Returns
At Bob Jones & Associates, we provide VAT return services for companies and individuals.
Many of our clients find preparing and filing VAT returns challenging. Ensuring VAT is charged and reclaimed at the correct rates can be time-consuming and surprisingly difficult for many small businesses. This is especially concerning as HM Revenue and Customs (HMRC) have changed their penalties regime, meaning simple mistakes on a return could result in a penalty being charged.
What is a VAT Return?
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:
- Total sales and the output VAT charged to customers
- Total purchases and the input VAT that has been charged by suppliers
- The balance due to (or owed from) HMRC is the difference between these two amounts
If your turnover in a rolling 12-month period exceeds the VAT registration threshold, 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 for each period, even if you think you have no VAT to pay or reclaim.
Even if you do not exceed the VAT registration threshold, it can be beneficial to register voluntarily and, as tax specialists, we will review your circumstances and advise you whether this would be beneficial to you.
Assisting you with your quarterly VAT return, 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.
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.
Next Step:
Please contact us if you need further advice, have any questions about our services, or would like a free consultation.