We complete a 3-level review on your VAT return to ensure we recover every bit of VAT due to you. First of all the VAT return will be prepared and reviewed by one of our team. We then use the best software that runs a review of all your transactions and identifies anomalies in your posting, which we complete a further review on. Finally, the return is reviewed at manager level before it is sent out to you to confirm. We then tell you exactly how much to pay and how to pay it making everything simple for you.

Our fees for VAT returns start at £35 + VAT per month and increases based on the size of the company.

Value Added Tax (VAT) is a taxation system applied to the selling price of goods and services by companies registered for VAT. Although it might appear somewhat unnecessary and intricate, the purpose of VAT payments is to augment government revenue and distribute the tax burden across different stages of production and consumption.

For businesses registered for VAT, the advantage lies in the ability to reclaim VAT on business-related expenses and purchases during the process of filing the VAT return.

Submitting VAT returns, similar to tax returns, is an obligatory aspect of business operations. This requirement is essential to ensure compliance with VAT responsibilities. But what exactly does a VAT return entail, and why is it necessary?

HMRC mandates that all VAT-registered businesses submit their VAT returns online. These returns serve the purpose of informing HMRC about the amount of VAT the business has charged and the corresponding amount paid to other companies. Typically, businesses are required to submit their VAT returns every three months, constituting their accounting period.

At present, businesses with a taxable turnover of over £85,000 in a 12-month rolling period must register for VAT. This includes both Limited Companies and Sole Traders.

This is the most traditional method, but it can make keeping records more complex. The aim is to pay HMRC the difference between the VAT your business charges on sales and the VAT you’ve paid on purchases.

If your business generates an annual turnover below £150,000, you may qualify for enrollment in the Flat Rate Scheme. Our assistance will aid you in determining whether this VAT scheme aligns with the needs of your business, potentially allowing you to remit a reduced VAT rate to HMRC based on your business type.

This program is designed to simplify your business’s monthly payments by necessitating advance VAT payments calculated on the projected annual turnover. However, if your business frequently claims VAT, this scheme may not be the most suitable option.

Numerous alternative schemes, including more specialised ones, are available. Our approachable team will assist you in selecting the VAT scheme that aligns best with the needs of your company.

If your business is not currently registered for VAT, there’s no need to be concerned. The process of VAT registration is straightforward, and at Smooth Accounting, we offer assistance at every stage.

To initiate the VAT registration process, you will need to utilise HMRC Online Services. Essential business details, such as your business name and industry, bank details, Company Registration Number, and UTR number, are required to complete the registration. These particulars may vary for individuals, but we are here to guide you throughout the registration.

Upon successful VAT registration, you will receive a distinctive VAT Registration Number, which will be utilised for future tax-related purposes.

With the assistance of our amicable team of proficient VAT accountants, we aim to simplify the complexities of VAT management for you.

• Our team is approachable, recognising that accounting can be overwhelming; however, we are readily available to provide guidance and instill confidence.
• Benefiting from extensive experience in general practice over the years, we are equipped to address any queries you may have.
• Emphasising both cost-effectiveness and quality service, we not only aim to save you money but also strive to deliver excellence at an affordable price.

If you require expert advice or support for tasks such as VAT registration or filing VAT returns, please do not hesitate to reach out to our team today.

The purpose of Making Tax Digital (MTD) is evident from its name. It is a government initiative aimed at supporting HMRC in the digitization of the tax system in the UK. The objective is to encourage business owners and self-employed individuals to maintain digital records of their taxes and process VAT returns online.

For VAT-registered businesses, the new requirement is to maintain digital records and submit VAT returns through compatible software. HMRC will automatically enroll future businesses into Making Tax Digital.

At Smooth Accounting, we can assist you in adopting accounting software that aligns with the MTD initiative, ensuring your compliance with the new regulations.

Navigating deadlines can be a source of stress, but having a well-organized and experienced VAT accountant, such as Arthur Hamilton, can prove invaluable. Typically, the deadline for submitting your VAT return and making payments to HMRC falls one month and seven days after the conclusion of your accounting period.

It is crucial, like with any deadline, to allocate sufficient time to submit files and ensure accurate processing of payments. Business owners who prioritize organization will appreciate the convenience of accessing information about their VAT payment date and other essential details through their Government Gateway account.

Determining the amount owed to HMRC as you prepare to submit your VAT return is a straightforward process. It involves calculating the variance between the VAT charged on your goods and services and the VAT your company incurs on business purchases. Maintaining comprehensive records of all sales and purchases significantly simplifies the process of calculating your VAT return.