VAT returns are an important part of every company’s annual accounts. These returns are typically paid to HMRC every 3 months, and can cause you to be fined if they are submitted incorrectly or not on time. If you have any questions about upcoming returns, or have issues with your previous ones, we can help explain them below.
What is a VAT return?
VAT (or, value added tax) is a type of tax that is applied when making a purchase. If someone is buying something from your company, you are required to charge them VAT based on the amount of the purchase. Similarly, if your business purchase anything you can keep track of how much VAT you pay when making the purchase.
How to pay VAT
Many people wonder how to pay VAT. Well, most business pay their VAT return online due to the ease of doing so. By logging into your HMRC account you can submit your return and pay any additional taxes due to HMRC. Additionally, you may even receive some money back depending on how many purchases you’ve made. These returns are an integral part of any company’s annual accounts and need to be paid on time. If you don’t, you may receive up to a 15% fine depending on the number of defaults.
How we can help
Are you a new business who doesn’t have much experience in submitting your own returns? Or, are you a business who has had an accountant submit your returns for you, but they weren’t exactly up to snuff, or fast enough?
Here at Carrington Blake Accountancy, our team of experts are eager to complete your returns to the best of their ability. With how often they need to be completed, our team can get them done for you on time. We have a lot of experience in completing your VAT return online. It’s as simple as letting the HMRC know you have an accountant via your HMRC account.
So, don’t hesitate – get the accounting you need and contact us for a quote today!