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VAT Returns

If your business has reached the VAT threshold set by HMRC, you will need to register for VAT and start filing returns. The registration process is fairly easy, but managing your VAT returns is often anything but.

With so much work involved, it’s all too easy to misunderstand something, miss a deadline or fill out a form incorrectly and end up in trouble with HMRC. This is the last thing that you or your business needs, because getting back on track will be time-consuming, stressful and potentially expensive.

Fortunately, we are here to save you all of that hard work, worry and hassle. At Wainwrights, dealing with VAT is something we do every day. We have a thorough understanding of the VAT system. Regardless of whether you are a sole trader, contractor, a limited company, a PLC, a partnership, community group, or other association we can take care of your VAT returns for you.

Our VAT returns services explained

When you hire us, you know that the following is all going to be taken care of for you:

Help you to identify when you need to charge VAT

In the UK, once a company’s turnover reaches a certain level, it has to register for VAT and start to add this tax to their invoices. Invoiced parties pay you what they owe you plus the tax, then you pass that tax onto the government.

That threshold is changed most years by the Chancellor. Naturally, we keep up to date with this and other VAT related regulations, so we can quickly tell you what the threshold is and explain the other little-known rules. For example, a lot of firms do not realise that they actually need to register for VAT before they physically reach the threshold.

Help you register for VAT

Our team can also help you with the registration process. We assist dozens of firms with their registration every year, so can get this task done quickly and efficiently for you.

Identify what rate(s) of VAT you should be charging

In the UK, the rate of VAT that needs to be charged varies depending on the products and services being sold. In addition, if you sell to charities, there may be times when you need to can charge a VAT at a reduced or a zero rate. We can advise you about this and help you to set up a system that ensures you are charging each client the correct amount of VAT.

How to handle VAT for returns

If you have to return goods to suppliers, or clients return things to you, it is important to handle the VAT element properly. Again, we explain how to do that, so that you can be sure that you are working within the law. You have to take extra care when dealing with gifts, discounted goods, coupons and multi-buys.

VAT record-keeping

Keeping proper records of all of your transactions is essential. Once a business, sole trader or contractor is registered, they need to set up and keep a VAT account. We can provide this service.

Make sure you comply with Making Tax Digital

The VAT system is one of the first taxation processes to go digital as part of the government’s Making Tax Digital process. All VAT records now need to be recorded and stored digitally. In addition, all tax returns need to be submitted in a digital format.

As a result, UK VAT registrants need to be using software that is compatible with the HMRC systems. The software we use already complies, and all members of our team are trained to use it and the new digital processes. They are available to help you to choose an appropriate software package and explain the basics of using it for the purposes of compiling your VAT return.

Complete and submit your tax returns

We will also take care of submitting your tax returns. For the vast majority of firms, this task has to be completed every quarter and HMRC is very strict about the deadlines. Firms that do not submit their VAT returns on time can face serious penalties, and it can lead to their business being audited.

Help you with any queries

If your customer has any VAT queries or concerns, we can help you to answer them. We will also assist you in responding to any VAT-related questions you receive from HMRC.

Prepare you for a VAT inspection

Every year, HMRC audits a certain percentage of the businesses that operate in the UK. If you are chosen to be one that is inspected, we will work with you to ensure that you are ready.

Help you obtain a VAT refund

In some circumstances, a firm will be entitled to a VAT refund. We will help you to work out whether this is the case for you. If it is, we will show you how to apply and secure the refund to which you are entitled.

VAT for contractors

It’s often a good idea to become VAT registered well before you reach the turnover threshold. For example, there is potential for contractors to make a small profit by doing so. Our team can help you to identify whether registering early for VAT could be beneficial for your business.

VAT for digital sellers

If you sell some of your goods or services digitally, especially internationally, your VAT arrangements are slightly more complicated. The rules surrounding when, how and who you have to collect VAT from have recently changed. We can help you to work all of this out and make sure that you comply and can pass the cash on to the correct countries’ tax authorities.

Let us shoulder the burden of dealing with your VAT returns

As you can see, there is a lot involved in filing your VAT returns correctly, so dealing with business-related VAT can be stressful. It certainly burns up time that you could otherwise be using to promote what you do, grow your business and keep your customers happy.

If you want to leave all of that stress and expense behind, all you need to do is to hire us. You can give us a call or send us an email, so we can we discuss your VAT situation. Once we have done that, a member of the Wainwrights team will put together a package of VAT services tailored to the needs of your business and give you a quote. So get in touch today!

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