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Accountant for VAT return in Romford
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Quarterly VAT Returns
Submission to HMRC
Qualified Accountants
There are penalties for late submissions
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who needs VAT returns
What is Value added tax (VAT) ?
In simple terms, Value added tax is a direct tax collected by HMRC on vatable products and services. It's responsibilty of every business to account for VAT payable and report the related VAT liablity to HMRC and pay it.
VAT returns are completed annually or quarterly and submitted to HMRC accordingly for example March, June, September & December.
The VAT returns should be submitted and be paid to HMRC in 1 month and 7 days
HMRC has introduced making tax digital MTD and now each business is required to keep its records in digital format accepted by HMRC. This allows HMRC greater flexibility when reviewing a VAT return during VAT inspection or VAT enquiry.
Types of VAT schemes
Various schemes are available for suitable businesses for ease of VAT reporting.
VAT
Flat Rate Scheme
Flat rate VAT is used to calculate VAT liability using specified method
Who needs to submit VAT returns
Businesses are run by individuals in various legal forms and these include:
VAT registration
When a business taxable turnover exceeds £85,000 (the VAT Threshold) in a twelve-month period, it should register for VAT. Businesses can register voluntarily if needed.
If your business taxable turnover exceeds £85,000 in next 30 days period, it should register for VAT.
VAT Exempt businesses
If your business sells exempt services or goods, you do not need to register for VAT.
Register
You can register for the VAT online, you will need your Government Gateway user ID and password to register.
- Business name
- Taxpayer reference
- Name & addresses of owners/directors
- Registered Address
- National insurance etc.
What is VAT payment deadline?
It's one month and 7 days
What is VAT reporting deadline?
It's one month and 7 days
What VAT schemes are available?
Cash Accounting scheme
VAT Flat accounting scheme
VAT margin scheme
VAT annual accounting scheme.
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