VAT Returns
Every three months you have to sit down with all the receipts and invoices from the last quarter and try to put them in some sort of order and hope you know what the right treatment is for every transaction. VAT is one of the more complicated and stressful things small business owners have to deal with, why not let NGR Accountancy’s experts take care of this for you so you can relax knowing everything is taken care of.
Every business that has a turnover over the VAT threshold (currently £85,000) has to register for VAT and also has to comply with the Making Tax Digital (MTD) regulations. Many businesses that have a turnover below this threshold choose to voluntarily register, there can be benefits to this for many small businesses.
If you are VAT registered you have to submit a VAT return to HMRC, MTD regulations mean this has to be done using compatible software like that used by NGR Accountancy. Most VAT returns are submitted quarterly (four times a year) but there are schemes that allow one annual return to be submitted or you can choose to submit monthly, this can sometimes benefit cash flow especially if you are a business that regularly receives VAT rebates. The penalties for late filing and payment or for making errors on your VAT return are pretty scary and get worse over time so it’s a good idea to get everything done on time and accurately.
Simple VAT registered business packages
If you have a very straightforward business, with limited transactions, that is registered for VAT and needs to submit returns we have a special subscription rate that allows you to get NGR Accountancy to deal with the hassle of the regulation around VAT returns for a low monthly fee of £50. We will collate your sales and purchases each quarter ensuring the correct VAT treatment for them then prepare and submit your VAT return using MTD compliant software for you as well as dealing with any queries from HMRC. This is ideal for a small croft or a contractor with limited numbers of expenses in the year.
VAT registration
If you’re business needs to register for VAT because you’re turnover has gone above the registration limit, or you wish to register for any other reason we can also help with that, just get in touch and we will be able to help you out.
** Limited transactions for simple VAT registered package generally means less than 12 transactions per return