VAT registered businesses in the UK must complete and file their VAT returns to HM Revenue and Customs on a quarterly basis. The standard VAT rate is now 20%. VAT stands for Value Added Tax and this is a tax levied on certain products and services sold within the UK jurisdictions.
VAT Return
Once your business have registered for VAT, you have to complete a VAT return, which shows your purchases and the input VAT you paid and your sales and the output VAT you collected. The VAT element paid and collected are offset against each other and the balance is paid over to HM Revenue and Customs (HMRC), if you have paid more VAT in any quarter than you have collected, you will get a VAT refund.
VAT Records
Tracking and recording Value Added Tax is a big responsibility for many businesses, especially if the business operates across several European countries. Having well-trained accounting staff manage this side of the business is well worth the cost as they are penalty for getting it wrong.
VAT Registration
Not all businesses are required to register for VAT. Businesses with annual sales more than £70,000 is required by law to register for VAT. There is an option for business startup and small businesses to register for VAT voluntarily.
Concise Accountancy offers business VAT registration service. This is a one off payment. Our VAT services team will complete the VAT registration form and submit your application to HMRC for you.
Concise Accountancy - Making VAT administration simple for business
