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VAT Returns

VAT Returns

The VAT threshold during the period of 2017-2018 was £85K, every company must register for VAT when their turnover exceeds this threshold. All the invoices generated must incorporate the VAT Registration number and the VAT returns needs to be submitted to HMRC. To be able to submit the correct figures during a VAT return, it is very important that VAT is accounted for throughout the bookkeeping. Hiring an experienced bookkeeping partner such as FS&A can ensure that is accounted for through out the year. Our Team will make sure all the transactions related to income or expenses are recorded thoroughly all year round, so you don’t have to, and they will make sure that all the VAT returns are submitted accurately and On-Time. 

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What is VAT Returns

A VAT Return calculates how much VAT a company should pay to or be reimbursed by HM Revenue and Customs (HMRC). … A VAT Return calculates how much VAT you owe HMRC (or how much they owe you) by looking at: Your total sales and purchases across a three-month accounting period. The amount of VAT you owe for sales.

  • What is the difference between VAT return and tax return? VAT is charged and recovered on transactions, both income and expenditure. This is different from your annual tax return which is based upon the declared profits of your business over your accounting year. ... If you're VAT registered when completing your annual tax return, it's essential to use your net income figure.
  • How do I calculate my VAT return? Divide gross sale price by 1 + VAT rate For example, if the applicable standard VAT rate is 20%, you'll divide the gross sales price by 1.2. If the applicable VAT rate is 5%, you'll divide the gross sales price by 1.05.
  • Why do we have a VAT return? In a VAT return (or 'declaration'), a taxable person (business) gives the tax authorities in the EU country where they are registered information about: their taxable (taxed/exempt) transactions. the VAT they have charged their customers (output tax) and been charged by their suppliers (input tax)
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How to submit your return

You must submit your return online unless:

  • your business is subject to an insolvency procedure – if you have a Company Voluntary Arrangement or an Individual Voluntary Arrangement you can submit your return online if you want to
  • you object to using computers on religious grounds
  • you cannot because of your age, a disability or because of where you live, for example you do not have internet access

Contact HM Revenue and Customs (HMRC) to find out how to submit your return, for example paper filing, if you cannot submit online.

Submit your VAT Return online

You need a VAT number and a VAT online account. You can then submit your VAT Return using HMRC’s free online service or commercial accounting software.

You cannot use your online account to send your VAT Return if you’ve signed up for ‘Making Tax Digital for VAT’. Use compatible accounting software instead.

Getting online

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