AFFORDABLE VAT RETURNS SERVICES IN ALTRINCHAM, MANCHESTER.
WHAT ARE VAT RETURNS?
VAT Returns are forms/form you submit to HMRC which will inform them of how much tax you are due to pay them. You are obliged to submit a VAT Return to HMRC on a quarterly basis.
The VAT return shows the calculation of the amount of VAT due on sales minus the amount of VAT reclaimable on purchases. The result is the amount payable to HMRC.
If the amount reclaimable on purchases is more than the amount due on sales, HMRC will give you the difference back.
WHO NEEDS TO SUBMIT VAT RETURNS?
Businesses who project to earn over £85,000* per accounting year must register to pay VAT.
If you are not registered for VAT then you will not need to submit a VAT Return.
Directly from Gov website is the below:
You must register for VAT if:
- you expect your VAT taxable turnover to be more than £85,000 in the next 30-day period
- your business had a VAT taxable turnover of more than £85,000 over the last 12 months
You might also need to register in some other cases, depending on the kinds of goods or services you sell and where you sell them.
If you’ll exceed the VAT threshold in the next 30-day period
You must register if you realise that your total VAT taxable turnover is going to be more than £85,000 in the next 30-day period.
You have to register by the end of that 30-day period. Your effective date of registration is the date you realised, not the date your turnover went over the threshold.
ExampleOn 1 May, you realise that your VAT taxable turnover in the next 30-day period will take you over the threshold. You must register by 30 May. Your effective date of registration is 1 May.
If you exceeded the VAT threshold in the past 12 months
You must register if, by the end of any month, your total VAT taxable turnover for the last 12 months was over £85,000.
You have to register within 30 days of the end of the month when you went over the threshold. Your effective date of registration is the first day of the second month after you go over the threshold.
ExampleBetween 10 July 2017 and 9 July 2018 your VAT taxable turnover was £100,000. That’s the first time it has gone over the VAT threshold. You must register by 30 August 2018. Your effective date of registration is 1 September 2018.
If you sell goods or services that are VAT exempt and are based in Northern Ireland
If you take over a VAT-registered business
You may have to register for VAT.
Businesses outside the UK
There’s no threshold if neither you nor your business is based in the UK. You must register as soon as you supply any goods and services to the UK (or if you expect to in the next 30 days).
If you register late, you must pay what you owe from when you should have registered.
You may get a penalty depending on how much you owe and how late your registration is.
You can register voluntarily if your business turnover is below £85,000. You must pay HMRC any VAT you owe from the date they register you.
Get an exception
You can apply for a registration ‘exception’ if your taxable turnover goes over the threshold temporarily.
Write to HMRC with evidence showing why you believe your VAT taxable turnover will not go over the deregistration threshold of £83,000 in the next 12 months.
HMRC will consider your exception and write confirming if you get one. If not, they’ll register you for VAT.
LET US TAKE CARE OF YOUR VAT RETURNS
Call us to discuss our flexible and affordable VAT Returns Services. We can provide monthly, quarterly or annual VAT Returns Services.
For further information about our affordable VAT Returns Services in Altrincham, near Cheshire, in Manchester, UK get in touch with us today by calling or email us. Alternatively, you can fill out our contact form and one of our friendly team of accountants will be straight in touch with you.