vat return services

MW Accounting Services provides VAT return services to small businesses in Bracknell. 

VAT return registration

VAT registration can be either compulsory or voluntary. So if your taxable supplies exceed the registration threshold (currently £85,000), then you must register your business for VAT. You can, however, register your business for VAT even though your taxable turnover is below the threshold. And in addition to the registration, you must also file your VAT returns, usually quarterly, with HMRC. Otherwise you risk getting penalties. But you can ask to file your VAT returns monthly or annually as well.

VAT deregistration

Similarly, VAT deregistration can be either voluntary or compulsory too. So if your business does not need the registration because your taxable turnover is below the registration threshold, for example, then you can deregister your business from VAT.

Email MW Accounting Services today if you would like help with our VAT return services, which include:

  • VAT registration 
  • de-registration 
  • VAT returns submission
  • schemes of VAT
  • VAT advice

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our VAT return services

Registration

We can help you register your business for VAT with HMRC when your need to as your taxable turnover exceeds the registration threshold of £85,000. Either none or late notification will attract penalties.
 
We can also register your business for VAT voluntarily even though your taxable supplies are below the threshold so that you can reclaim the input VAT.
 
In both cases, you must charge VAT on your sales immediately after you are registered.

VAT RETURNs

In addition to registering your business for VAT, we will also file your VAT returns with HMRC and inform you of the VAT due or repayment. Both the filing and payments to HMRC must be made electronically unless you are exempt. If your VAT return filing is quarterly, then the deadline for both the submission and the payment is the same date. The VAT filing is continuous even if there is no VAT to pay or repayment (nil returns) unless you deregister your business from VAT. The submission only stops after your VAT registration is cancelled.

De-registration

We can also help you deregister your business from VAT. If your taxable supplies are below the deregistration threshold (£83,000), then you may choose to voluntarily cancel your VAT registration.

However, deregistration is compulsory if you:

  • cease trading; or
  • stop making taxable supplies; or
  • join a VAT group

After deregistration, you can no longer charge VAT on your sales and reclaim VAT on purchases.

VAT return services: advice on VAT schemes

standard rate

under this scheme, the VAT that you pay on your purchases (input VAT) is deducted from VAT you charge your customers (output VAT). If output VAT is higher, then you pay a VAT due to HMRC. However, you get a repayment when your output VAT is lower.

flat rate (FRS)

for a flat rate scheme, you pay your VAT due to HMRC by multiplying your gross turnover by a fixed percentage. This % depends on the industry your business is in. If you are the FRS user, you cannot reclaim the input VAT unless it is a capital purchase of over £2,000 (including VAT). So it is very rare that you are due a repayment from HMRC under this scheme.

cash accounting

in case of cash accounting scheme, you only account for and pay your output VAT to HMRC after you receive payments from your customers. And so is the input VAT reclaim. The main advantage is automatic bad debt relief. This is because if the customer does not pay you, then you will not pay the output tax to HMRC