Why does a business need VAT Returns?

If your turnover is more than the current VAT threshold then you may have to register for VAT. If this is the case then you will need to complete and submit a VAT return to HMRC, usually each quarter.

However, even if you are not required to register, it can sometimes be beneficial to do so voluntarily. Deciding whether you have to or should register can be confusing, but don’t worry; help is at hand.

Completing your VAT Returns

If you use a bookkeeping software package then it will more than likely have the ability to submit your VAT returns electronically based upon the bookkeeping you have completed.

However, VAT can be a very complex area and sometimes it can be worth outsourcing the completion of your VAT returns to professionals. This is where we come in!

What is the process?

When we complete your VAT Returns we do not just take the figures from your bookkeeping and submit them to HRMC. We start by reviewing your bookkeeping, because if there are any inaccuracies it means that the VAT Return may also be incorrect.

We pay particular attention to ensuring that we are claiming for all VAT your business has incurred, ensuring you pay as little VAT as possible to HMRC. Once we are happy that the bookkeeping is accurate, we will review your businesses circumstances to see if any recommendations can be made to you.

After the recommendations have been considered, we will double check that everything is accurate. Once confirmed, you will be sent the figures to review and once everyone is happy we will submit the VAT Return to HMRC.

This thorough process ensures that there is a vastly reduced risk of errors, keeping you and HMRC happy! It also ensures that you do not pay a penny more in VAT over to HMRC than you have to!

What if I get a VAT inspection?

Another great benefit to asking us to complete your VAT Returns is that we will act on your behalf should HMRC decide to investigate your VAT affairs.

HMRC can launch an investigation into your VAT affairs either at random or because figures you have submitted to them do not look correct. They also conduct VAT inspections more frequently for industries that are more likely to submit inaccurate returns or for industries that tend to have complex VAT affairs.

By appointing us to handle your VAT Return calculations and submissions you will have peace of mind and confidence in your figures.

How much does all this cost?

To act on your behalf for VAT and complete your VAT Returns, our standard price is £15 per month.

However, if your VAT affairs are particularly complex and, therefore more involved, we may charge a little bit more. As always, all fees are agreed up front before any work takes place.

Get in touch to find out how we can help »