A common question amongst small business owners is whether or not they should register for VAT and what is the VAT Threshold?
The VAT threshold is set by the HMRC annually, and if your turnover is more than the current VAT threshold, then you may have to register for VAT. If this true for your business then you will have to complete and submit a VAT return to HMRC, usually on a quarterly cycle.
"Using our VAT Returns service, either on its own or as part of one of our accountancy packages, you can find peace of mind that your VAT Returns are in professional hands."
Completing your VAT Returns
If your VAT Returns are simple, then it is more than plausible for you to complete them yourself. However, if you are SME using an accountancy system, many these days have the ability to file your VAT returns electronically based on your accountancy submissions.
However, as VAT can be a complex animal with legislation ever changing it may be more beneficial to outsource the preparation of your VAT return to a professional company and that is where we can advise and help.
Our VAT Process
By using our VAT returns service, we do not just take your figures for granted and submit them to HMRC. Our VAT team will start with an initial review of your figures paying particular attention to the detail of what VAT your business has incurred throughout the quarter.
Once we are happy that the bookkeeping is accurate we will review your VART obligations to see if any recommendations can be made to improve your business such as ensuring you are on the most beneficial VAT scheme for your business
Once confirmed, you will be sent the figures to review and once everyone is happy we will submit the VAT Return to HMRC.
Contact Contractor Accounts VAT Team
To discuss our VAT Returns & Submission service in further detail then please contact any member of our VAT team on +44 (0)131 464 0065 or fill in our contact form and a member of our team will be in touch.