VAT Return Submission: Expert Support for Your Business

VAT return submissions are the forms businesses use to report how much VAT they’ve charged customers (output VAT) and how much VAT they’ve paid on purchases (input VAT) to HMRC.

When you need more than just a basic service, Worthwhile Accountancy provides proactive and personalised support for your VAT return submission needs. We understand that navigating VAT can be complex, and you deserve an accounting partner who goes beyond simply filing your paperwork. That’s why we’re not like those accountants who take ages to answer questions or leave you feeling lost in the process; we’re on hand to provide clear, timely guidance and support at every step.

Whether you’re a small business or sole trader needing help with quarterly returns, seeking expert advice on VAT schemes, or requiring assistance to ensure seamless compliance with Making Tax Digital, we’ve got you covered. We aim to become a valuable bolt-on to your business, and we care about your success as much as you do.

Keeping it simple, the essentials you need to know are:

• Most businesses submit VAT returns ‘quarterly’, but you might also submit them monthly or annually depending on your VAT scheme.
• Making Tax Digital (MTD)’ is an HMRC initiative that requires VAT-registered businesses to keep digital records and submit VAT returns using MTD-compatible software.
• Accurate and timely VAT return submission is crucial to avoid penalties and ensure compliance with HMRC regulations.
• Our VAT return service simplifies this process, ensuring all ‘tax returns’ are prepared and submitted correctly.

As tax specialists, we will use the accounts preparation as the base information for the tax returns, so accuracy is key.

When it comes to VAT, you need an accountant you can trust to handle your affairs with expertise and care. You want someone who is going to plan your VAT returns effectively in advance so you can manage your business’s cash flow more easily.

A dedicated accountant who you can contact with any questions about your VAT obligations is what you get at Worthwhile Accountants. We combine in-depth knowledge of VAT regulations with a genuine commitment to providing personalised service and proactive support. Our goal is to make the VAT process as smooth and stress-free as possible for your business.

Worthwhile Accountancy offers a comprehensive suite of VAT return services to streamline your VAT obligations and ensure accurate reporting. From initial VAT registration to ongoing compliance with Making Tax Digital, our expert team handles every aspect of the VAT process. We aim to provide a seamless and efficient service, minimising disruption to your business operations and providing you with peace of mind.

Our services encompass the preparation and submission of VAT returns, VAT advice and planning, and ongoing liaison with HMRC. We are committed to ensuring that all eligible claims are made in accordance with HMRC guidance, and we provide clear, accessible advice to help you understand your VAT position. With Worthwhile Accountancy, you can be confident that your VAT returns are in safe hands, allowing you to focus on the growth and success of your business.

VAT can seem complicated, but understanding the different rates and schemes is essential for accurate accounting. We’ll guide you through the options to ensure you’re using the most appropriate method for your business.

VAT Schemes

Standard VAT Accounting: This is the most common method, where you account for VAT on the actual sales and purchases in a given period.

Flat Rate Scheme: This scheme simplifies VAT accounting for smaller businesses. You pay a fixed percentage of your turnover to HMRC.

Marginal VAT scheme: A great option for antique dealers and second hand vehicle sales. You only pay VAT on the profit margin.

VAT Exemption: Some businesses are exempt from VAT registration and do not charge VAT on their sales. This often applies to specific sectors like education and healthcare.

VAT Rates

• The standard rate of VAT is currently 20%. This applies to most goods and services.
• A reduced rate of 5% applies to certain items like children’s car seats and home energy.
• Some goods and services are zero-rated, meaning VAT is charged at 0%. Examples include most food and children’s clothing.

We can advise you on the most suitable VAT scheme for your business and ensure you apply the correct VAT rates to your sales.