MW Accounting Services provides VAT return services to small businesses in Bracknell.
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.
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:
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.
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:
After deregistration, you can no longer charge VAT on your sales and reclaim VAT on purchases.