The UK VAT registered businesses must complete VAT return quarterly. However, To do simplified accounting, there is also a yearly VAT scheme in the UK. There is an option to comply with your VAT quarter end with the annual Financial year end. The VAT summarizes all the sales and purchases transactions that occurred during the VAT period.
Currently, there are two accounting method, Cash accounting and Accrual accounting. Most of the businesses use accrual accounting method however you can overpay or underpay your VAT bill if you are not sure which accounting method to use in your business. We strongly recommend taking the help of professional accounting firms like us, who will reduce your VAT bill to manage your cash flow.
Contact our team and start to save your money on your VAT.
Our Services Include:
- Preparation of VAT Return
- Advice on VAT Rates
- Advice on your VAT Scheme (Standard vs Flat Rate)
- Allowable Expenses Claim
- Custom VAT claim
- Advice on VAT Rates (Standard, reduced, Zero)
- EC Sales list submission
- Dealing with VAT Investigation
- Submission of our VAT Return
The UK VAT registered businesses must sign up for VAT MTD since 1st April 2019 if their turnover is above the VAT Threshold (Currently 85000GBP). They will need to:
- Keep their records in digital Software like (Xero, QBO)
- Provide their VAT return information to HMRC through MTD compatible software
We recommend Xero for VAT MTD submission. Its simple, secure, and affordable cloud-based accounting software helps you meet the new MTD for VAT filing requirements.