File VAT returns regularly

In the United Kingdom, businesses have the option of filing the VAT returns either monthly or every three months i.e. quarterly basis. If the company has a VAT liability of more than 2.3 million pounds (UK) in a year, then it is required to publish the payment on the last working day of the 2nd and 3rd month of each VAT quarter. It is important to register with VAT first in order to submit VAT and claim any returns.

HMRC are consistently working to make tax filings completely digital and Nexa Accountants are committed to providing dedicated assistance for the initiative.

Nexa provides unparalleled support for helping companies file taxes and VAT through digital mediums.

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Nexa Accountants provide unparalleled support for helping companies file taxes and VAT through all digital mediums.

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Simplified VAT returns

Nexa Accountants are here to help if your business needs restructuring in order to simplify your taxes, or to inform you of any tax update that will affect your business.

Register your business for VAT/Flat return

A company needs to register for VAT with HMRC if its annual turnover crosses the stipulated VAT threshold of £85,000. Once registered the company is required to submit the VAT usually every quarter.

Small businesses that have an annual turnover of £150,000 or less are able to opt for the Flat Rate Scheme, in order to avail the various benefits associated with this scheme a company must register first.

As per the Flat Rate Scheme small businesses must charge VAT as per the normal practice, but they then pay a percentage of their overall sales to HMRC. This percentage varies with the type of business and businesses that buy more can claim more VAT. Our experts are available to explain how the Flat Rate Scheme works and help companies calculate the Flat Rate Charge as per their business type. This scheme is specially developed for small scale businesses to save their time and money, the rates will vary depending on the type of business as well as services and products provided.

To be eligible for Flat Rate Scheme a business must fulfil these conditions:

✓ A business should fulfil the current VAT threshold which is an annual turnover of 85,000 pounds (UK) or more. A business which opts for the VAT registration voluntarily can also apply for this scheme.
✓ To be applicable for the Flat Rate Scheme, the annual taxable turnover of the business must be £150,000 or less (excluding VAT).
✓ The products and services delivered by the company must be within the scope of VAT
✓ The business should not be connected to another business or trades.
✓ If the business falls under capital goods or services then they cannot apply for this scheme.
✓ The business must not have left the Flat Rate Scheme in the last 1 year.

Filing of VAT returns

When you register a business for VAT with HMRC you will receive a unique VAT number, this can be used to create an online VAT account. Once registered you will be able to utilise accounting software or the online service provided by HMRC to file your VAT returns. The HMRC online service is provided free of charge.

Once set up with your VAT number and attained an account through the HMRC online portal, you will then be able to file your VAT online. All you need to do is log-in to your VAT online account and go to the ‘Submit VAT-Returns’ section of the website, from here you will be able to file all your VAT returns. There are also many accounting software applications that are available to help you file your VAT returns, or feel free to call us for more advice.

VAT officers are appointed for various reasons, they complete checks such as; checking and auditing business VAT records, as well as confirming the correct VAT amount is being claimed once a company has filed.

A company will usually be notified seven days before a visit by HMRC inspectors. At this time a full list of the necessary records that need viewing for their visit will be provided, along with the time required for their inspection. If a company is not comfortable with the date decided by HMRC then a request can be made to postpone the visit. However, HMRC holds the right to conduct sudden inspections without notifying in advance and they can also question and request answers pertaining to VAT over the phone.

HMRC will provide the following things in writing once they complete their inspection:

✓ They will tell whether you are paying the right VAT amount or not.
✓ They suggest methods to enhance your VAT bookkeeping.
✓ They let you know whether you need to change aspects in your VAT account or not.
✓ If you are not complying with the rules then there may be penalties to pay.

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