VAT Returns & Services
VAT Returns & Services
With the right advice and a bit of careful planning, you can not only make sure your VAT returns are submitted like clockwork, but your business can enjoy other benefits too. At THP, we can help you decide whether to register your business for VAT, offer you helpful VAT advice, and can complete and submit accurate VAT returns on time, every time.
We’re often asked whether a business has to register for VAT.
At the simplest level, if your VAT taxable turnover is £85,000 or more, then you have to!
If your turnover is less than that, you can register voluntarily. It sounds odd to register for a tax if you don’t need to, but there are two good reasons you might do this:
- You could save money. If you pay out more VAT than you charge, the taxman actually pays you!
- Your business has more credibility. Larger clients and customers will often only deal with VAT-registered businesses.
Every business is different, so VAT registration isn’t for everyone. Our expert VAT accountants are happy to advise on the best route for you.
Whether your business is legally required to register for VAT or does so voluntarily, you still have to submit VAT returns. These need to be done monthly or quarterly.
When you ask THP to take care of your VAT returns, we submit them quickly and accurately after making sure you’re not paying more tax than you need.
It’s also worth knowing that, if you use our bookkeeping service, you’ll keep costs down further – we won’t have to spend time ironing out errors before submitting your VAT return.
Making Tax Digital
If your VAT taxable turnover is over £85,000, you already have to submit your VAT returns electronically. This is a change brought about by the government’s ‘Making Tax Digital’ scheme.
Voluntarily registered businesses with a lower turnover have to comply with Making Tax Digital by 1st April 2022. So if you need help making the switch, get in touch. We’d be delighted to help you make the transition as simply and quickly as possible.
Specialist VAT planning can reduce your risk of paying too much tax – and can also aid your cash flow.
THP’s specialist VAT accountants can work with you to ensure that your business:
- Claims back the full amount of VAT you are entitled to
- Pays out only the correct amount of VAT to HMRC
- Improves cash flow by claiming back VAT as soon as possible, and paying it as late as you are allowed.
We can also advise you on the full range of special VAT schemes that may result additional benefits for your business. These include:
- VAT cash accounting – VAT on payments made and received rather than invoices issued and received.
- VAT annual accounting – making a single VAT return each year, rather than four.
- A VAT flat rate scheme – VAT calculated as a percentage applied to your turnover, rather than charged on each individual sale or purchase.
Each of these schemes, along with other strategies that may result in a VAT saving, have benefits and potential drawbacks – so to make sure you’re enjoying the best VAT planning for your business, contact us today.
Meet our VAT Team!
Hello! My name’s Mark Ingle. I’m a Client Director based at our Chelmsford Office and I’m a member of our VAT team. If you need any help with your VAT returns, registration or planning, we’re here to help. Simply get in touch with one of us at our Wanstead, Chelmsford, Cheam or Saffron Walden offices.