If you are a VAT-registered business, you must submit a VAT return to HMRC every quarter of the year. You need to submit VAT returns for HMRC to determine how much VAT you charge customers and how much VAT you pay on purchases for your business from other businesses. After every 3 months, businesses must submit VAT returns to HMRC whether your businesses have no VAT to pay or reclaim. The deadline for filing returns is 1 month and 7 days after the completion of each quarterly accounting period. The UK has deemed electronic payment and submission of VAT returns mandatory. VAT returns must be submitted to HMRC electronically. To escape administrative burdens, delegate responsibilities to BusinAssist for comprehensive VAT return filing services.
One of the most stressful issues with VAT returns is making mistakes and missing deadlines. Filing VAT returns late not only results in penalties but also incurs interest on delayed payments. Late filing of VAT returns will put you in a ‘surcharge period’ of 12 months. If you get another default within 12 months, you will have to pay an extra amount on top of the VAT owed. We recognize that filing VAT returns can be complicated, especially if it’s your first time. That’s why we have collaborated with qualified UK-registered accountancy firms that offer comprehensive VAT return filing services. Throughout the process, they assist you in understanding your filing dates, reconciling your books, and submitting your VAT returns to HMRC on your behalf.
By filling out our online application on the website, we will connect you to one of our partners who will meet all your VAT return requirements and improve your tax efficiency.
Frequently Asked Questions (FAQs) and Terms of Use
How often do we need to submit VAT returns?
You are supposed to submit VAT returns to HMRC every quarter of the year, that is, every 3 months. Under the VAT Annual Accounting Scheme, you will only need to file one VAT return each year.
What happens if there is a mistake on my VAT return?
When you make a mistake on your VAT return, you can correct errors for the preceding 4 years, as long as the net value of the error is either: £10,000 or less.
How does UK VAT return work?
The VAT return payable to HMRC is the amount of VAT due on sales minus the amount of VAT reclaimable on purchases. However, in a situation where the amount on sales is less than the amount on reclaimable purchases, HMRC gives back the difference.
What do I need to complete a VAT return?
You will need invoices, bank statements, receipts on sales made, purchases, and VAT charged and paid during the accounting period.
Can I reclaim VAT on my purchases?
Yes, you can reclaim VAT on your purchases as long as you have valid VAT receipts or invoices and are VAT-registered.