July 21, 2016

Understanding VAT Returns

A Glasgow accountant from The Kelvin Partnership can help you to understand VAT. Whether you are unsure of the deadline for VAT return or you need more specific details about VAT we have the advice you want!

calculating deadline for vat return

What is a VAT Return?

A VAT return is a form which is filed with HMRC. A VAT return is completed to show how much VAT you are due to pay.

Do I Need to Complete a VAT Return?

You are only required to complete a VAT return if you are registered for VAT. If you are not registered, then you do not need to file a VAT return.

How Often Do I Need to File a VAT Return?

Typically, a VAT Return should be submitted to HMRC every three months, this period of time is known as your “accounting period”. This means that in general, you should submit your VAT return four times a year, which may sound like a lot of work. Fortunately, an accountant can assist you with your VAT return to ensure that your forms are correct and completed on time.

What is Included in a VAT Return?

A VAT return records a number of different things. Your VAT return should include your total sales and purchases for the period. It is crucial that your VAT return includes the amount of VAT you owe (you may have nothing to pay, but you are still required to complete your VAT return). Your VAT return must also include the amount of VAT you want to reclaim (again, even if you are not reclaiming any VAT, you still need to complete your VAT return). Finally, your VAT return should include what your VAT refund is for HMRC.

What Happens if I Want to Cancel my VAT Registration?

When you cancel your VAT registration, you will be required be aware of the deadline for vat return and so, submit a final VAT Return. This may require you to include any of your stock/assets. Furthermore, if you do not inform HMRC of any changes which may affect your registration within 30 days, you may be liable to a financial penalty.

How Can an Accountant Help with VAT Returns?

At The Kelvin Partnership we can help you with VAT returns in a number of ways. Firstly, we can complete all of your book-keeping, ensuring that all aspects of your accounts are completed effectively. By taking over your book-keeping we would ensure that all VAT returns are completed and submitted correctly and on time, saving you any kind of hassle.

You may prefer to return the forms yourself, in this case we can complete the books and return them to you to be submitted. We can also provide you with training in how to complete your VAT return.

By allowing an accountant to complete your VAT return, you can rest assured that we will be prepared for the deadline for VAT return. Your VAT return will be completed in good time to ensure that you do not face any penalties. Furthermore, we can assist you in a number of other aspects of VAT returns such as helping you apply for VAT registration. As a chartered accountant, at The Kelvin Partnership, we are able to advise you on the different VAT schemes suited to your business, we can assist in VAT planning, deal with any disputes that arise with customs and attend VAT inspections.

Understanding a VAT return can be even worse if you are a new company, look at our last post for more start up advice.

If you are interested in any of our VAT return services, then get in touch today. We are happy to help with any accounting issues you may be facing.