VAT Returns



Compliance with VAT is complex. Investigations by the VAT man can be intense - all the more important that you’re VAT returns are completed correctly.


There are two methods we can use to assist in completion of VAT returns...


1. Let us do your bookkeeping and we complete the return from there;


2. Give us your books and we'll complete the return for you;


We complete VAT returns in good time to ensure you avoid any penalties.


In addition we can assist with...


  • Applying for VAT registration

  • Advice on the VAT schemes suitable to your business

  • VAT planning

  • Dealing with any disputes that arise with Customs

If you are in business it is certain that VAT will affect you in some way. Whether you supply goods or services, VAT will probably be charged on what you sell.


VAT registration

The most important question is whether you should or, indeed, can register for VAT. Current legislation requires that a person (e.g. sole trader, partnership, limited company, etc.) register for VAT if his ‘taxable turnover’ exceeds £81,000 in a 12 month period (2014/15 tax year).


What this means is:


If your business makes only VAT exempt supplies, you cannot register for VAT. This includes activities in the finance, insurance, health, and education sectors. If you are not sure whether this applies to you, find out. Keep a written note of whether your supplies are taxable or exempt.


If your business makes taxable supplies over £81,000, you must register for VAT. There are time limits for doing this; and penalties for failing to register within those time limits.


If your business makes taxable supplies below £81,000, then the rule-of-thumb is this:


  •  If you are mainly B2B (Business-to-Business) then do register, as this will allow you to reclaim VAT paid out;

  •  If you are mainly B2C (Business-to-Consumer) , then don’t register for VAT, as it will increase your prices.


The registration process is all online nowadays. The HMRC website is not the easiest to operate, so contact us now to find out how we can help.