VAT Return Services
Many businesses unintentionally over or underpay VAT as a result of its complexity because it is difficult to understand. Verity Accountants will take care of this for you.
The wide scope and parameters relating to VAT makes it a burdensome tax service to handle. The frequent changes made by HM Revenue and Customs in relation to VAT Returns makes it even harder for individuals to handle VAT calculations and make accurate submissions. As such often VAT Returns require the assistance of not just any accounting professionals but Certified Chartered Accountant and Tax Advisors from Verity Accountants with many years experiences to ensure that businesses comply with the relevant regulations.
Supporting VAT-Registered Companies
If you’ re a VAT-registered business, you need to submit a VAT return to HM Revenue & Customs on either a monthly, quarterly or annual basis. A completed VAT return will either show how much is owed to HMRC, or whether you are due a VAT refund from HMRC.
Unless your business’s VAT returns are relatively simple, we recommend saving yourself the aggravation and outsource the work to qualified Accountants and Tax Advisors.
As with other tax areas, we can act on your behalf as an agent for VAT purposes and take responsibility for all correspondence with HMRC on your behalf. As it is now the requirement from HMRC, we no longer submit paper VAT returns. Our software allows us to instantly file your VAT returns electronically online with HMRC.
Late VAT registration, errors, late returns and late payments can all lead to penalties and repaying and submitting your VAT return can be a hassle. As it is compulsory for all VAT-registered companies to submit VAT, VAT returns is one of those must-do, but incredibly tedious, tasks you need to sort out.
With a personal digital account, you and your team will have access to all the information about VAT returns submitted directly to HMRC on your behalf. and check details throughout the year to make sure that they are correct. This means there will be no more hunting around for receipts come tax time so in theory, an easier system all round.
Making Tax Digital (MTD)
HM Revenue & Customs introduced “Making Tax Digital” to make it compulsory for all businesses to keep their records digitally for VAT purposes. By April, 2019, all businesses with a VAT threshold (£85,000) will need to submit VAT digitally. Particularly, small businesses will be enforced to keep electronic records of their accounts using a software which is compatible with HMRC systems or has been approved by HMRC. Business will have to file their tax information digitally and on a quarterly basis.
It is likely smaller businesses will be required to keep digital records shortly after. This changes the way HMRC wants information from tax payer and means that you may need to move from your existing desktop or manual record keep and onto an online accounting package
HMRC take Tax issues seriously and advise businesses to speak to their agent, to find out appropriate software package to use and when to implement MTD software. , so if you already use accounting or record keeping software you should also speak to your software provider to find out when it will be updated for MTD.
Even if your Taxable Turnover is below or drops below the VAT registration threshold at any point after 1 April 2019 you are still required to continue to keep digital records and send HMRC your VAT returns using MTD-compatible software. This obligation doesn’t apply if you de-register from VAT or if you are exempt from MTD for VAT.
That’s why Verity Accountants have set up a dedicated division to help manage all VAT matters to ensure that all our clients are compliant and fully meet HMRC regulations. We support our clients to submit VAT returns to avoid penalties.
Different VAT Schemes and Services
Verity Accountants support businesses of all sizes and from diverse sectors to implement different VAT schemes that meet their business needs. Our clients can choose from one or a combination of the different schemes below:
- Standard VAT scheme
- Cash accounting VAT scheme
- Annual accounting VAT scheme
- Retail VAT scheme
- Flat rate VAT scheme
The complexity surrounding VAT schemes means that an expert advice is always necessary. Leaving your VAT to Verity Accountants means doing away with the stress associated with navigating your way around VAT registration, submissions and de-registrations. Above all, You can feel reassured your VAT Scheme will be full managed with returns done both quickly and correctly – so you have more time to focus on your business.
Expert VAT advice
Frequent changes to tax regulations and the growing demands of HMRC mean VAT compliance can be a difficult administrative process for business owners and directors of companies. We can complete VAT returns at cost-effective rates and give VAT advice on the best VAT scheme to be registered on, and any other factors – such as paying or charging VAT abroad.
Our Expert Tax Advisors can guide you to:
- Understand whether you should register for VAT as a mandatory or voluntary or not
- Assess your eligibility for a certain type of VAT scheme such as flat rate VAT schemes to save you money.
- Explain how to ensure that you claim as much VAT as possible and the different VAT rates (Standard, Reduced and Zero rates) that apply to your business
- understand the VAT implications for exporting or importing for abroad
- Apply all VAT exemptions for cost savings
Fully Comprehensive VAT Services
Verity Accountants, Tax and Business Advisors are experienced and have exceptional expertise to provide an all-inclusive professional and efficient VAT service, which includes:
- Help with VAT registration or de-registration
- Advice on VAT planning and administration
- VAT control and reconciliation
- Assistance with completing VAT returns
- Planning ahead to minimise issues with HMRC
- Negotiating with HMRC in disputes
- Use of the most appropriate scheme
- Planning to minimise future problems with HM Revenue and Customs.
- Negotiating with HM Revenue and Customs in disputes and representing you at VAT tribunals
We offer initial free consultations on VAT services. Please feel free to get in touch via email or our quick contact form below or to speak to an advisor phone T: +44(0) 203 643 5295.