At Twenty Four Seven Accountancy Services, whether you’re a Limited Company, LLP, Partnership or Sole Trader we can help you register your VAT returns.
What are VAT returns?
In essence, they are forms you file with HMRC, quarterly, to show how much VAT you are due to pay them. Importantly, also to see if you are able to reclaim any monies due to you. Unless your trade is categorised as exempt, normally, once your annual turnover exceeds the registration limit which is currently £85,000 you are required to register for VAT.
Your VAT returns should contain your total sales and purchases for that period. Any amount of VAT you owe and any amount you can reclaim along with what your VAT refund is.
You’ll also have to submit returns even if you don’t have any VAT to pay or reclaim.
As there are various rules surrounding VAT registration, Twenty Four Seven Accountancy Services can help you register to get this right.
Differing VAT Schemes
Once you have your VAT registration number there are various schemes and options you can elect for. Depending on your business requirements that is. For example, if you’re a small business the flat rate scheme may apply. Whereas other businesses may require the 2nd hand goods scheme.
If we at Twenty Four Seven Accountancy Services hold an HMRC authority from you, we can act on your behalf, speak to HMRC for you and also submit your VAT returns.