VAT RETURNS & VAT ACCOUNTING

VAT Returns, Made Simple.

Stay on top of your VAT responsibilities with professional support from Vanguard Accountants. We help businesses with VAT registration, record keeping, VAT calculations and accurate VAT return submissions to HMRC.

VAT

Complete VAT Support

  • ✓ VAT registration support
  • ✓ VAT return preparation
  • ✓ VAT calculations and checks
  • ✓ Making Tax Digital for VAT
  • ✓ Ongoing VAT accounting support
UNDERSTANDING VAT

What Is VAT?

Value Added Tax (VAT) is a tax charged on many goods and services provided by VAT-registered businesses. If your business is VAT registered, you generally need to keep appropriate VAT records, charge VAT where applicable and submit VAT returns to HMRC.

VAT can become complicated when your business has different types of sales, purchases, expenses or transactions. Professional accounting support can help you keep your VAT records organised and your returns accurate.

VAT registration can be complex.

Whether you need to register for VAT depends on your taxable turnover and circumstances. There are also voluntary registration options and different VAT schemes that may be relevant to your business.
WHO WE HELP

Businesses We Support With VAT

We provide VAT accounting support for businesses across a range of industries and structures.

01

Limited Companies

VAT support for limited companies that need help managing VAT records, calculations and returns.

02

Sole Traders

Support for sole traders who are VAT registered or considering VAT registration for their business.

03

Partnerships

VAT accounting support for partnerships with taxable business income and regular VAT reporting requirements.

04

Growing Businesses

If your turnover is increasing, we can help you understand your VAT responsibilities and prepare for registration.

05

Online Businesses

Support for ecommerce and online businesses dealing with VAT on sales, purchases and business expenses.

06

Service Businesses

Professional VAT support for businesses providing services to customers and other businesses.

VAT REGISTRATION

Do You Need to Register for VAT?

VAT registration requirements depend on your taxable turnover and individual business circumstances.

01

Mandatory Registration

Businesses whose taxable turnover reaches the applicable VAT registration threshold may need to register with HMRC.

02

Voluntary Registration

Some businesses may choose to register voluntarily even when their turnover is below the mandatory registration threshold.

03

Registration Advice

We can review your circumstances and help you understand the VAT registration process and ongoing responsibilities.

Important: VAT thresholds and rules can change. Your registration requirements should be considered based on the current HMRC rules and your individual circumstances.
VAT SCHEMES

Understanding VAT Schemes

Different VAT schemes may be available depending on your business and circumstances. We can help you understand which rules apply.

Standard VAT Accounting

The standard VAT scheme generally requires businesses to account for VAT on taxable sales and claim eligible input VAT on purchases.

Flat Rate Scheme

The Flat Rate Scheme uses a fixed percentage based on your business type to calculate the VAT you pay to HMRC, subject to the relevant rules.

Cash Accounting Scheme

Under the Cash Accounting Scheme, eligible businesses generally account for VAT based on payments received and made rather than simply when invoices are issued or received.

Annual Accounting Scheme

The Annual Accounting Scheme can allow eligible businesses to make advance VAT payments during the year and submit an annual VAT return.

OUR PROCESS

How We Handle Your VAT Returns

We keep your VAT reporting process organised and straightforward.

1. Review Your Records

We review your sales, purchases, expenses and relevant VAT records to understand the information available.

2. Check VAT Treatment

We review the VAT treatment of relevant transactions and identify information that may require clarification.

3. Calculate VAT

We calculate the VAT figures required for the relevant accounting period based on the records provided.

4. Prepare Your VAT Return

The relevant VAT return information is prepared for review and submission.

5. Submit to HMRC

Once the figures have been reviewed and approved, the VAT return can be submitted to HMRC using the appropriate process.

6. Ongoing VAT Support

We can continue supporting you with future VAT returns, record keeping and wider accounting requirements.

VANGUARD SUPPORT

VAT Services We Provide

From registration to regular VAT returns, we can support your business throughout the VAT process.

01

VAT Registration

Support with understanding the VAT registration process and preparing the information required.

02

VAT Return Preparation

Preparation of VAT return figures based on your accounting records and relevant transactions.

03

VAT Calculations

Review and calculation of output VAT, input VAT and other relevant VAT figures.

04

Making Tax Digital for VAT

Support with understanding digital VAT records and the MTD for VAT reporting process.

05

VAT Scheme Advice

Help understanding different VAT accounting schemes and how they may apply to your business.

06

Ongoing VAT Support

Regular VAT accounting support to help keep your records and reporting organised throughout the year.

VAT Support for Growing Businesses

As your business grows, VAT can become an increasingly important part of your accounting process. We can help you understand your responsibilities and keep your VAT reporting organised.

  • ✓ VAT registration support
  • ✓ VAT return preparation
  • ✓ VAT record keeping
  • ✓ Input and output VAT checks
  • ✓ MTD for VAT support
  • ✓ Ongoing VAT accounting assistance
Speak to Vanguard Accountants

A simpler way to manage VAT

Keeping VAT records up to date throughout the year can make your VAT reporting process much easier to manage.

Let us help you keep your VAT obligations organised.

GET PREPARED

VAT Records You Should Keep

Accurate and organised records are an important part of managing your VAT responsibilities.

01

Sales Records

Keep records of your taxable sales, invoices and VAT charged to your customers.

02

Purchase Records

Keep invoices and records for business purchases and expenses where VAT may be relevant.

03

VAT Invoices

Maintain appropriate VAT invoices and supporting documentation for relevant transactions.

04

Bank Records

Bank statements and payment records can help reconcile your business transactions and accounting records.

05

Credit Notes

Keep records of relevant credit notes, refunds and adjustments that may affect your VAT calculations.

06

Digital Records

Where MTD rules apply, appropriate VAT records need to be maintained digitally using compatible systems.

WHY USE AN ACCOUNTANT?

Take the Stress Out of VAT

Professional VAT support can help you keep your records organised and stay on top of your reporting responsibilities.

✓

Save Time

Spend less time working through VAT calculations and reporting and more time running your business.

✓

Stay Organised

Keep your VAT records and accounting information structured throughout the year.

✓

Reduce Errors

Regular review of your records can help identify missing information and potential calculation issues.

✓

Understand Your VAT

We can help explain how VAT applies to your business and the figures included in your VAT return.

✓

Stay Up to Date

Get support with your ongoing VAT reporting and digital record-keeping responsibilities.

✓

Ongoing Support

Have professional accounting support available as your business and VAT requirements develop.

FAQ

VAT Returns FAQs

Answers to some common questions about VAT registration, VAT returns and VAT accounting.

What is a VAT return?

A VAT return is a report submitted to HMRC showing the VAT charged on your sales and the VAT you may be able to reclaim on eligible business purchases, along with the resulting VAT position for the relevant period.

Do I need to register for VAT?

VAT registration depends on your taxable turnover and circumstances. A business may need to register once it reaches the applicable VAT registration threshold, while some businesses may choose to register voluntarily.

Can I voluntarily register for VAT?

In some circumstances, businesses below the mandatory registration threshold can choose to register voluntarily. We can help you understand the potential implications before making a decision.

How often do I need to submit a VAT return?

The frequency of VAT returns depends on your VAT accounting arrangements and scheme. Many VAT-registered businesses submit returns on a quarterly basis.

What is Making Tax Digital for VAT?

Making Tax Digital for VAT requires VAT-registered businesses within the relevant rules to keep certain VAT records digitally and submit VAT returns using compatible software.

Can Vanguard help with VAT registration?

Yes. Vanguard Accountants can provide support with understanding the VAT registration process and preparing the information required for your application.

Can you prepare and submit my VAT returns?

Yes. We can help prepare your VAT return based on your accounting records and support you through the submission process.

Can you help me choose a VAT scheme?

We can explain the main VAT schemes and help you understand how the relevant rules may apply to your business. The most appropriate option depends on your circumstances and eligibility.

What records do I need for my VAT return?

Depending on your circumstances, you may need sales invoices, purchase invoices, VAT records, bank records, credit notes, refund information and other supporting accounting records.

Can you provide ongoing VAT support?

Yes. Vanguard Accountants can provide ongoing VAT and accounting support to help you keep your records organised and manage your regular VAT reporting requirements.

Ready to Get Your VAT Returns Sorted?

Don't let VAT reporting become a burden. Speak to Vanguard Accountants today about VAT returns, registration, MTD for VAT and ongoing VAT accounting support.

Get Your Free Consultation
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