VAT Returns UK
On the whole, if your business is trading more than £85,000 per year, you are required to register and submit your VAT return every quarterly. Specifically, as a business owner, it is your responsibility to submit your VAT returns to HMRC and comply with the Making Tax Digital requirements or get an accountant to do it for you.
How do VAT Returns Work?
By all means, if your business is VAT registered you must charge VAT on any sale to your customer. To put it simply, you have to collect VAT on behalf of HMRC if your business sales are more than £85,000 per year. Therefore, the collected VAT amount belongs to HMRC and it is considered a liability for your business.
Moreover, HMRC provides incentives for collecting VAT for them, for example you can claim expenses on your purchases.
Additionally, you must notify and pay your VAT bill to HMRC quarterly. Also, as a business owner you must comply with the Making Tax Digital requirements when it comes to making VAT returns.
What is Included in Our VAT Returns Service?
Personal Manager
Firstly, we provide you with a personal VAT tax manager to help prepare and submit your VAT returns.
Exclusive Access
Specifically, you get access to MTD cloud based software, and access to our free mobile app to record your business expenses. In other words, you can simply scan your receipts and we will do the rest from our end.
VAT
Put simply, we manage VAT with your UK sales and purchases, EU sales and purchases, and organise VAT returns deadline management.
HMRC
Overall, we manage all HMRC correspondence on your behalf.
Monthly business updates
Above all, you will receive unlimited business consultation and business advice regarding VAT returns.
Networking events
Additionally, you will gain exclusive access to Tax Care business networking events.
We Have Great Answers
FAQ
Yes, Tax Care Accountants is a certified accounting firm with a valid practicing certificate. The firm is fully compliant with HMRC Anti Money Laundering (AML) regulation requirements. Every single client manager at Tax Care is a qualified accountant with industry experience who will be taking care of your business. The firm is regulated and supervised by the Institute of Financial Accountant (IFA) and HMRC recognised Tax Agent.
We work on the basis of a fixed fee with no hidden cost, you will know exactly what and how much you are paying for.
Most of our clients pay monthly by setting up a direct debit or standing order. You can also pay your fees by instalments.
Yes. Our clients are fully protected in case if there is a worst-case scenario of a huge loss.
We strongly believe the significance of the popular accounting quote “ behind every successful business there is a smart accountant”. At Tax Care we work as a virtual extension of your company in order to free up your time, we advise you on how to save money and provide you the key financial information in order to make informed decisions. We will simplify your payroll, accounting and financial functions of your business and integrate all in one system. That will help you to collect all relevant business information with one click. Your accountant can also help you analyze and understand your cash flow, so you can make better plans on how to work out your monthly budget, sale target, break-even etc. We make sure your employees are paid correctly while your business is compliant with HMRC requirements, pension regulator requirements, court order requirements.
Our accountants have over 5 years of experience in the SME business community and their expertise and knowledge covers all business sectors – whatever your business, we cover it.
Yes, we do. We fully understand the pressures that you are under and offer a wide range of commercial experience which can help with the development of your growing business. We believe a little growth in your business means a little growth in our business.
Properly projecting your business’s cash flow is as essential as creating an effective mission statement and living up to it. Tedious, detailed flow projections aren’t easy to wrangle, but that’s what you have an accountant for.
Your accountant should be able to help you develop an organised, effective cash flow model that allows you to adjust your operations in ways that help you survive shortfalls, as well as improve receivables and manage payables.
As a member of IFA Tax Care Accountants must comply with continuous professional development regulation in order to keep up-to-date with current issues and regulations. We regularly attend various seminars and training workshop regarding recent updates on accounting softwares, finance acts and government regulations.
No, Tax Care Accountants will manage all aspects of your business financial activities so you can focus on running and growing your business.
A professional certified accountant will be dealing with you directly to meet all of your accounting and tax requirements. We work as a team and one of the senior accountants will finalise the work.
You can contact us as many times as you want to. You can contact us via telephone, email or face-to-face. If it is necessary, we will visit you. We will explain to you the technical accounting terms and the accounting requirements in a simple language so you would know what to do and how to do it. Our general response time 24 hours.
Taxes are always part of running a business, and you can always look for ways to improve how you handle payments, deductions, record-keeping, and so on. Your accountant, the expert on tax laws and their constant changes, can give you the insight you need.
Your accountant can help you answer questions like:
- What are the latest changes in tax law that affect my business?
When is the best time to make big equipment purchases?
How can I best keep track of deductions?
How can I maximise my tax savings?
This might seem like too simple a question, but clear, effective and frequent communication is the key to a healthy, beneficial relationship with your accountant. Establish early on how often you’ll connect, either in person, on the phone or online (via a video chat app like Skype, Google Hangouts or FaceTime). Decide together if you’ll meet weekly, monthly or bimonthly.
