File VAT returns regularly

In the United Kingdom, businesses have an option of filing the VAT returns either every month or after every three months i.e. quarterly basis. Also, if the company has VAT liability of more than 2.3 million pounds (UK) in a year then it has to furnish the payment on the last date of 2nd and 3rd month of every quarter. It is important to register with VAT first to submit VAT and claim returns.

The VAT returns you get must also be paid to the HMRC. The HRMC is working consistently to make tax filings completely digital and Nexa is committed to providing dedicated assistance for this initiative.

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

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

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Simplified VAT returns

Nexa Accountants help you if your business needs restructuring to simplify your taxes or there is any tax update that will affect your business, we will inform you in advance.

Register your business for VAT/Flat return

A company has to register for VAT with HMRC if its annual turnover crosses the stipulated VAT threshold. After the registration, the company has to submit the VAT usually every quarter.

Small businesses that have an annual turnover of 150,000 million or less then they can opt for the Flat Rate Scheme. For that, they have to register for the Flat Rate Scheme to avail the various benefits associated with it.

As per the Flat Rate Scheme the businesses have to charge VAT normally by others but they have to pay a percentage of their overall sales to HMRC much like VAT. This percentage varies with the type of business and businesses that buy more can claim more VAT. Our experts explain companies how the Flat Rate Scheme works and also helps them to calculate the Flat Rate Charge as per their business type. This scheme is specially developed for small scale business to save their time and money.

Therefore, we can conclude that the VAT rate varies with business type and also to services and products provided by them to some extent.

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 83,000 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 turnover of the business must be at least 150,000 or less.
✓ The products and services delivered by the company must come under tax supplies which mean that they must be those supplies that are covered under 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

You can register for VAT and then you will get a VAT number with which you can create an online VAT account. After that, you can either utilize some accounting software solution or online service provided by HMRC to file your VAT returns. The online service provided by HMRC is free of cost.

Firstly you need to register for VAT after which you will get a VAT number. Using this number you can register on the online portal of HRMC. Once you have signed up for the online VAT account, you can log in in your account and then go to the Submit VAT Returns' section. After that, you can file your VAT returns. Many accounting software applications help you to file your VAT returns.

VAT officers are appointed for checking and auditing your VAT records. They also check whether you are claiming the correct VAT amount once it has been filed from your end. Usually, the HMRC will notify you seven days before visiting your office for inspection. They will also inform you about the type of records they will need to check and the time which will be required to conduct their inspection. If you are not comfortable with the date you can also request the HMRC to postpone their visit. However, HMRC also holds the right to conduct sudden inspections without notifying in advance and they can also interrogate about VAT through a call.

The 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 also let you know whether you need to change some things in your VAT account or not.
✓ If you are not complying with the rules they might also find you for that.

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