VAT Returns | Account-i

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VAT Returns

Our experienced accountants will guide you through the complicated and time-consuming process of completing your VAT returns.

Value Added Tax (VAT) returns refer to the regular reporting and payment of VAT by businesses to HMRC. VAT registration is mandatory for most businesses who reach a certain threshold of turnover (currently £85,000). Once registered, they are assigned a VAT registration number that is unique to their business.

VAT returns are typically filed on a regular basis, usually quarterly or monthly, depending on the business and industry. The VAT period refers to the specific time frame for which the VAT return is prepared.

Some important terms that businesses need to understand:

Output VAT
Output VAT is the VAT charged by a business on the sales of goods or services. It is calculated by applying the appropriate VAT rate to the value of the taxable supplies.

Input VAT
Businesses can claim a credit for the VAT they have paid on their purchases and expenses, known as input VAT. This includes VAT paid on raw materials, equipment, services, etc.

What’s the process for completing your VAT returns?

We send you a reminder
We'll let you know when your VAT returns are due and ask for your bookkeeping records.
We complete your VAT return
After your returns are completed, they'll be double checked to ensure they're accurate.
We submit your VAT return
Once we've received your approval, we'll submit your MTD compliant VAT return to HMRC. Job done!

Speak to one of our Specialist Accountants