VAT which is a short form for Value Added Tax is a complex tax return which one needs to file mandatorily if they cross the VAT threshold specified by the government.
VAT in UK is complicated and is difficult to understand especially for small and medium business owner. One on not filing VAT returns can be subjected to penalties and other stringent actions by the HMRC if they have crossed VAT Threshold. On the flip side if small businesses started charging VAT their product price increases by 20% which can cripple their business if it is not properly planned and executed. For charging VAT, one must be a VAT registered organisation or an individual.
It needs complete knowledge and financial detailing of one’s business and that is why VAT return services are required. Some of the key points associated with VAT return HMRC are:
We at season associate provide our clients with VAT services which are all digitally managed, using state of the art software’s and all the records are just a finger click away.
When the turnover if your business falls below the mentioned threshold and you voluntarily do not want to continue with your VAT registration you have to submit a final VAT return before you cancel your VAT registration.
For filing your corporation tax return by making use of all the exemptions and relief and within timeline contact us now and get an instant quote.
Depending on the type of business the VAT rate varies, maximum being 20% and minimum 0% depending on the business and its type. Threshold for VAT return is €85000. The below metioned VAT rates are practices depending on the business/ goods/ service.
Due to COVID-19 situation the VAT rates on the hospitality industry is been relaxed by the HMRC
VAT can only be charged by those whose business are VAT registered
For a VAT registered business, it becomes mandatory to report to HM Revenue and Customs that is HMRC the amount of VAT paid, and the amount of VAT charged. All this is summarised on the VAT return which usually has to be filed once in every three months. If there is a difference between the amount of VAT charged by a business to the amount of VAT paid that difference is to be paid to the HMRC.
All this above-mentioned task is handled by us if you our VAT service UK. We help you in VAT registration also, the only thing you are required to do is to be submit your VAT invoice and the rest will be done at our end