VAT Returns
Who has to Register for VAT?
Value Added Tax (VAT) is an obligatory tax that must be paid when you buy products or services. Companies that make more than £90,000 annually are required to register for VAT.
Reaching this sales threshold means companies are obligated to add and collect VAT on their purchases and sales, and then submit this amount to HMRC when they file their quarterly tax returns.
Not registering can lead to financial consequences for late registration, with late payments facing extra interest charges if the company owes VAT. Nonetheless, if a company surpasses this sales limit, they can request a temporary exemption from HMRC.
When is the due date for my VAT payment?
Businesses are required to file their VAT return within one month and 7 days following the end of the accounting period. This allows for ample time to guarantee that your payment is received by HMRC. To view details regarding your VAT return and payments, you can log in to your Government Gateway account to access your VAT online account.
What are the responsibilities of a VAT Accountant?
Ensuring compliance with HMRC’s VAT regulations is a key responsibility we take seriously. By making timely payments and meeting all necessary requirements, we play a vital role in keeping your business on track. Access to your business records will be required to verify accuracy and prepare for VAT payment deadlines.