Are VAT returns giving you a headache?
We might just be the professional accountants you are looking for. At CFO360 UK, we are dedicated to helping small business owners prepare and submit accurate VAT returns in order to run a successful and profitable business.
Some of Our Clients
Why Choose CFO360 UK For Your VAT Returns?
At CFO360 UK, we understand that the process and terminology around tax returns can be daunting and highly confusing, so we have built a business model around helping small business owners understand their tax obligations and optimize their tax deductions.
What are the benefits of letting us help you with your VAT returns ?
- We help you register for VAT and guide you every step of the way.
- Save time calculating your VAT as we do this on your behlaf.
- Get all your VAT records in one place & have ease of mind that your returns will be accurate
- We help you optimise your tax deductions and offer advise on penalties.
- Overview of the various VAT rates and types.
What Our VAT Tax Services Include
We offer a variety of services alongside VAT including accounting, bookkeeping, management account services, payroll services, personal and company tax registrations and business advisory.
You will be assigned one of our qualified bookkeepers/accountants as your dedicated point of contact who will assist you with your VAT needs.
Our VAT services cover a range of factors including:
- Registering for VAT with HMRC
- Deregistration from VAT
- Lodging appeals with HMRC
- Advice on penalties
- Correcting previous VAT errors
- Distance selling
- VAT on sales
- VAT on purchases
Our Software Partners
Our software partners are all used to increase efficiency, automate processes and enhance the performance of your finance department so you can focus on matters most to you.
All our software partners have been carefully considered and picked to best support our local small businesses within the UK.
Frequently Asked Personal Tax Questions
A VAT (Value Added Tax) return is a calculation of how much VAT you owe HMRC, or they owe you, across a three-month accounting period.
VAT is calculated by looking at:
- Total sales and purchases during the three month period
- VAT owed on sales
- VAT you can reclaim for business purchases
- VAT refund amount from HMRC (if applicable)
If your business is not VAT registered, you do not have to submit a return.
If your business is VAT registered,
- as a requirement due to a taxable turnover of more than £85 000 or,
- as a voluntary registration
Yes, you can complete and submit VAT returns yourself.
While not necessary, most people do prefer using the services of a qualified accountant as they are more likely to ensure the return is completed accurately, minimise the tax you pay and assist with any refunds you may be due.
Only expenses that are incurred solely for business purposes can be claimed on your VAT return. These expenses include:
- Office computers and equipment
- Office supplies
- Transport costs (not including travel to and from the workplace)
- Vehicles used solely for business purposes
- Business services
HMRC may request proof for these expenses so it is crucial to ensure that all proof of transactions, VAT receipts and VAT invoices are stored securely for record-keeping purposes.
VAT returns are submitted every three-months based on your accounting periods and the deadline for payments usually falls on the same day – one calendar month and seven days after the accounting period ends (e.g. if the period ends on 31 May, payment is due by 7 July)
Returns that are not submitted on time are subject to a late payment penalty that accrues interest until it is paid.
If you have missed other deadlines in the past, you could be subject to a Surcharge Liability Notice (SLN) instead which can remain on your record for up to 12 months.