VAT Return Services

VAT returns are generally submitted to HMRC every 3 months. It is mandatory for every VAT registered business to tell HMRC that how much VAT is due and whether they are entitled for any VAT refund or not. Every VAT registered business having turnover of more than £85000 need to file VAT returns to HMRC before the deadline. It is quite difficult for small businesses to prepare and submit VAT returns in such a small period.

Our expert accountants not only prepare and submit your VAT returns to HMRC but also help you in claiming VAT refunds. We manage your VAT transactions in such a way so that it complies with each and every regulation. Our experts also help you by advising or guiding on any matter related to VAT return.

VAT Return Services

Making Tax Digital for VAT Return

HMRC implemented the concept of “MTD for VAT” on 1st April 2019. It is applicable on all the VAT registered businesses having an annual turnover of more than £85000 for the purpose to maintain their VAT records digitally as well as to file VAT returns to HMRC with the use of HMRC compliant software or bridging software.

HMRC reported that around 1.2 billion businesses are affected due to MTD for VAT. If you take the data of last 1 year, many of the accountants & small businesses have followed this concept and started maintaining their records digitally but many of the accountants and small businesses are still remaining to join this wagon. It may be due to the lack of understanding about the concept or non-selection of HMRC software because of the confusion that which software is best for them and fulfils all the requirements of HMRC.

Earlier, we were maintaining the VAT records manually and following the “cut & paste” or “copy & paste” approach for transferring information to HMRC but now it becomes mandatory for every eligible business to file their VAT returns directly to HMRC through HMRC compatible software or bridging software.

For many accountants who are still searching for the best HMRC compliant software and want to save themselves from the penalties imposed by HMRC, this is the right time of taking a professional help. We are having good understanding about MTD for VAT & can advise you in choosing the right software, maintaining of your VAT records and filing of your VAT returns before the deadline. Currently, HMRC not charging penalties for non-filing of digital VAT returns as the soft landing period is going on.

Note – Due to Covid-19, the soft landing period has been extended from April 2020 to April 2021.