Get help to submit a VAT return

Many business owners get stressed when they think about how and when to submit a VAT return.

VAT accounting can be complex so it’s a good idea to bring us in early on to review your business finances to determine whether you should register for VAT or not.

Even if your company revenue is below the VAT threshold, it may make business sense to register depending on the type of purchases and sales you make, and your client base.

When you register for VAT it is possible to reclaim VAT on services incurred in the prior 6 months and on assets still held in the business purchased in the previous 4 years. 

If you are approaching the VAT threshold of £85,000 on a rolling 12 month basis, it is important to ensure that you register for VAT at the right time.  If you are late to register HMRC will deem 1/6th of your sales are VAT and this would need to be paid to HMRC.  If your clients are VAT registered businesses it may be possible to invoice the VAT element for the old invoices but if your clients are individuals this is unlikely.  The key is to speak to us early regarding VAT and we can guide and support you throughout. 

There are a range of schemes and options available from HMRC to manage your VAT.  We can ensure that whether it is the standard scheme with quarterly returns, the flat rate scheme, annual returns or the cash basis, you are on the most appropriate scheme.

Advice for preparing to submit your VAT return

When you use Absolute Accountants, you can be assured that you’ll be kept up to date with any changes to VAT rules in good time to respond, so your business will never be left playing catch up or with an unexpected bill.

We constantly review our clients’ tax positions so you know that you will never pay more tax than you need to.

Get in touch to have a free, informal chat about your VAT situation and ask us how we can help you get on top of your accounting.
Absolute Accountants also offer payroll services for small business so employees and HMRC get the support they need and your payroll goes without a hitch.