If your turnover is higher than the current VAT threshold, you will have to register for VAT and also complete a VAT return to HMRC, normally every quarter. While some businesses choose to complete their own VAT returns, VAT can be a very complex area, so unless you are completely confident that you can do it correctly, it’s best to outsource this task to a professional accountant.
Q: Who needs to complete a VAT return?
A: Anyone operating in a freelance capacity or running a small business must register for VAT if their annual turnover is above the current VAT threshold MUST register for VAT – and it can sometimes be beneficial to register voluntarily.
VAT can seem confusing, but don’t worry – we’re here to help. At The Accountancy Partnership, we will discuss registration with you, including the pros and cons of registering for VAT, and give you the best advice possible based on your circumstances.
Q: Why do I need a professional to complete my VAT return? Can’t I do it myself?
A: You can, if your VAT returns are relatively simplistic. Some bookkeeping software packages will help you do this and produce a VAT return that can be submitted electronically. We can advise you whether or not this is the best option for you. But…
- VAT can be a very complex area, and handing the task over to professionals can save you time and give you peace of mind. You will know that your VAT return has been filed correctly and on time.
- HMRC can launch an investigation into your VAT affairs, either at random or because figures you have submitted to them do not look correct. They also conduct VAT inspections more frequently for industries that tend to submit inaccurate returns, or have complex VAT affairs. If you or your business are the subject of a VAT enquiry, then professional representation can be invaluable.
Q: Why should I choose The Accountancy Partnership to complete my VAT returns?
A: We can offer a comprehensive VAT return service at an affordable price.
Our service goes far beyond merely taking the figures from your bookkeeping and submitting them to HMRC.
- First, we thoroughly review your bookkeeping, because any inaccuracies could result in an incorrect VAT return.
- Next, we ensure that we are claiming for all the VAT your business has incurred, in order to decrease your VAT bill as much as possible.
- We also review your bookkeeping and your circumstances to see if we can make any money-saving (or hassle-saving!) recommendations. This may include recommending that you de-resister for VAT if your turnover falls below the VAT threshold, or a change to a more beneficial VAT scheme – for example, businesses who pay suppliers quickly but have slow-paying customers may improve their cash flow by cash accounting for VAT.
- Your VAT return is then passed to another Senior Accountant for review and approval.
- After review, a copy will be sent to you so that you can ensure you understand and approve of our calculations before any submission is made.
- Last but not least, once you tell us that you’re happy with our work, we will submit your VAT return to HMRC.
Because we operate online and our head office is outside the capital, we have lower operating costs. We pass these savings on to you, meaning that even if you’re based in London you don’t have to pay London prices!
Our standard fee for completion on your VAT return and acting on your behalf on VAT matters is just £15 per month, but we may sometimes charge slightly more if your VAT affairs are very complex. However, as with all our services, all fees are agreed up front before work begins.
All of our competitively priced packages include your VAT return(s) along with many extra services and benefits to help your businesses. Get an instant online quote now and see how much you can save.
Q: I’ve still got questions about your tax returns service. How can I find out more?
A: We love to chat about our services and how we can help your business.
We love to chat about our services and how we can help your business. You can call our London office on 020 3355 4047 or make an appointment to come in and see us at the below address:
201 E1 Studios
7 Whitechapel Road