As well as tax returns there is another return that can cause businesses a real headache. VAT returns remain the bugbear for VAT-registered businesses everywhere, and whilst the Hurren team provide a number of helpful services to ensure this legal obligation is less of a hassle, it helps to know the essentials so you can ensure you complete your VAT return minus the confusion.
What is VAT?
Vat is charged on the majority of business transactions within the UK, and both transactions to fellow businesses and non-business customers are chargeable. Many businesses add VAT to the overall sale price of the goods or services they provide to ensure they aren’t missing out on that all-important profit.
Should I register for VAT?
All businesses within the UK whose turnover exceeds the VAT threshold within any 12 month period must register for VAT. The VAT threshold is currently £81,000 so you should register for VAT if your turnover has gone over this limit or will soon go over. Businesses can also register for VAT voluntarily to ensure they are covered should they exceed the threshold.
Whether you are a sole trader, registered company, association, charity or trust, you must register for VAT if you anticipate a turnover of this size or have reached this limit in the previous 12 months. There will also be instances where businesses may be exempt or partially exempt from VAT registration, for example, if your business sells goods or services that are exempt from VAT.
Registering for VAT
Registering for VAT is easy, as with your tax return applications must be made through HM Revenue & Customs, the majority of which can be completed online. Following approval you will then receive a VAT registration number and certificate. Whilst you can register by post, we always recommend applying online as it is a more secure, faster and easier way to keep your records up to date.
How Hurren can help
Hurren Accountants provides a range of services for businesses throughout the North East looking to register for and complete quarterly VAT returns. Going it alone can be daunting and time consuming, but our qualified accountants can assist you to complete VAT returns efficiently and accurately. We provide assistance in all areas of VAT returns, including registration, online VAT filing, VAT payable and rebate calculations, VAT return submissions and EC sales filing for organisations selling goods or services to other VAT-registered businesses in the EU.
For further information on our VAT returns services, please contact our team today on 0191 251 7599.