Our VAT return service.

Streamline your compliance with our straightforward VAT return preparation service.

Navigating the complexities of VAT returns is often a daunting task for businesses large and small. The meticulous process of compiling sales and purchase records, calculating the VAT owed and ensuring timely submission can be overwhelming. Our VAT return preparation services are tailored to alleviate this burden, ensuring accuracy, compliance, and peace of mind.

At AccountAce, we specialize in demystifying VAT compliance, ensuring your business not only meets its legal obligations but also capitalises on available efficiencies. With our tailored VAT return preparation services, we offer a comprehensive solution designed to streamline your processes, enhance accuracy, and minimise liabilities. Our experts bring together years of experience and in-depth knowledge of UK VAT law and are equipped to handle the complexities of VAT compliance across all sectors.

What are VAT returns and why are they important?

Value Added Tax, or VAT, is a critical element of the UK tax system, requiring businesses to submit periodic returns. These returns detail the VAT collected on sales and the VAT paid on purchases, with the net amount being payable to, or reclaimable from HM Revenue & Customs.

However, the preparation of VAT returns is fraught with challenges, from understanding complex regulations to maintaining detailed transaction records. Our services are designed to navigate these challenges efficiently, offering businesses seamless VAT return preparation and submission.

Accurate VAT returns are crucial for several reasons:

Compliance: Incorrect returns can lead to penalties, interest, and audits.
Cash Flow Management: Over- or under-estimating VAT liabilities affects cash flow.
Reputation: Consistent compliance strengthens your standing with HMRC.

Common pitfalls in VAT return preparation include misclassification of supplies, incorrect application of VAT rates and overlooking reclaimable VAT on purchases.

Who pays VAT?

In the UK, limited companies that supply goods or services and have a taxable turnover exceeding the VAT registration threshold of £90,000 in a 12-month period are required to pay VAT.

It's essential for limited companies to assess their turnover regularly to determine if they are nearing or have surpassed this threshold, necessitating VAT registration with HMRC. Even if a company's turnover does not exceed the threshold, voluntary VAT registration can be beneficial, allowing companies to reclaim VAT on business expenses. Understanding VAT obligations is crucial for limited companies to ensure compliance and optimise their financial planning.

Why should I outsource my VAT return preparation?

Outsourcing VAT return preparation offers significant advantages:

Efficiency: Focus on core business activities without the distraction of complex VAT return preparation.
Accuracy: Leverage expert knowledge to minimize errors and ensure accurate filings.
Compliance: Stay up-to-date with changing VAT laws and regulations, avoiding penalties.

What information is required for VAT return preparation?

Detailed records of all sales and purchases, VAT invoices and proof of payments are required to prepare VAT returns. If we happen to be your bookkeeper, we will already hold the relevant information properly itemised on file and can use this to prepare your return.

How often should VAT returns be filed?

In the UK, you usually need to send a VAT Return to HMRC every 3 months. This is known as your 'accounting period'. If you're registered for VAT, you must submit a VAT Return even if you have no VAT to pay or reclaim.