VAT RETURNS ACCOUNTANTS IN MANCHESTER

We are here to help with all your VAT Returns, whether on a monthly, quarterly or annual basis. Established in February 2017, we have delivered professional and affordable accounting and financial services to thousands of small and medium sized business startups across Manchester and the wider UK.

WHAT ARE VAT RETURNS?

VAT Returns are forms/form you submit to HMRC which will inform them of how much tax you are due to pay them. You are obliged to submit a VAT Return to HMRC on a quarterly basis. 

The VAT return shows the calculation of the amount of VAT due on sales minus the amount of VAT reclaimable on purchases. The result is the amount payable to HMRC.

If the amount reclaimable on purchases is more than the amount due on sales, HMRC will give you the difference back.

WHO NEEDS TO SUBMIT VAT RETURNS?

Businesses who project to earn over £85,000* per accounting year must register to pay VAT. 

If you are not registered for VAT then you will not need to submit a VAT Return. 

Directly from Gov website is the below:

Compulsory registration

You must register for VAT if:

• you expect your VAT taxable turnover to be more than £85,000 in the next 30-day period
• your business had a VAT taxable turnover of more than £85,000 over the last 12 months

You might also need to register in some other cases, depending on the kinds of goods or services you sell and where you sell them.

If you’ll exceed the VAT threshold in the next 30-day period

You must register if you realise that your total VAT taxable turnover is going to be more than £85,000 in the next 30-day period.

You have to register by the end of that 30-day period. Your effective date of registration is the date you realised, not the date your turnover went over the threshold.

ExampleOn 1 May, you realise that your VAT taxable turnover in the next 30-day period will take you over the threshold. You must register by 30 May. Your effective date of registration is 1 May.

If you exceeded the VAT threshold in the past 12 months

You must register if, by the end of any month, your total VAT taxable turnover for the last 12 months was over £85,000.

You have to register within 30 days of the end of the month when you went over the threshold. Your effective date of registration is the first day of the second month after you go over the threshold.

ExampleBetween 10 July 2017 and 9 July 2018 your VAT taxable turnover was £100,000. That’s the first time it has gone over the VAT threshold. You must register by 30 August 2018. Your effective date of registration is 1 September 2018.

If you sell goods or services that are VAT exempt and are based in Northern Ireland

You’ll need to register if you only sell goods or services that are exempt from VAT or ‘out of scope’ but you buy goods for more than £85,000 from EU VAT-registered suppliers to use in your business.

If you take over a VAT-registered business

You may have to register for VAT.

Businesses outside the UK

There’s no threshold if neither you nor your business is based in the UK. You must register as soon as you supply any goods and services to the UK (or if you expect to in the next 30 days).

Late registration

If you register late, you must pay what you owe from when you should have registered.

You may get a penalty depending on how much you owe and how late your registration is.

Voluntary registration

You can register voluntarily if your business turnover is below £85,000. You must pay HMRC any VAT you owe from the date they register you.

Get an exception

You can apply for a registration ‘exception’ if your taxable turnover goes over the threshold temporarily.

Write to HMRC with evidence showing why you believe your VAT taxable turnover will not go over the deregistration threshold of £83,000 in the next 12 months.

HMRC will consider your exception and write confirming if you get one. If not, they’ll register you for VAT.

OUR VAT RETURNS PACKAGE

Our VAT Returns packages will help to reduce your time spent completing your finances, freeing you up to spend important time on the things that matter. You can expect to receive the following from us:

✅Monthly, Quarterly or Annual VAT Returns Completed by Your Dedicated Accountant

✅ Fully Making Tax Digital compliant VAT returns

✅Regular reviews to ensure you pay as little VAT as possible

✅We'll let you know when your VAT returns are due and ask for your bookkeeping records

✅ We will then complete your VAT Return. After your returns are completed, they'll be double checked to ensure they're accurate

✅Once we've received your approval, we'll submit your VAT return to HMRC

✅We will deal with all correspondence from HMRC

✅Automated reminders for your important deadlines

✅Regular tax efficiency reviews to reduce your tax bill

✅Proactive checks of your bookkeeping records

✅ Unlimited support via phone or email

PROVEN TRACK RECORD

Our clients think we're worth FIVE stars and we are proud to boast about our 100% client retention rate. You can view all the great things our clients say about us here. 

We are experienced Accountants and are partner with the world-class Accounting Software provider Xero. 

SPECIALIST KNOWLEDGE

Our Manchester based Accounting Team are all AAT qualified and have over 80 years worth of collective experience and have gained their accounting knowledge from both practice and industry. Our client list speaks volumes about the quality of the accountancy services that we deliver, and we work with and support some of the biggest businesses in Manchester and across the UK. You can find out more about our amazing team of Accountants here.

Over the years we have built up an impressive portfolio and have a wealth of experience in niche sectors such as Digital and Technology. We have Specialist Accountants ready and able to assist and support clients within the Construction Industry, Hospitality Industry and Sports and Entertainment Industry. Our passion to keep learning about or clients businesses allows us to deliver a fresh approach to Accounting helping our clients reach their business goals. 

CORONAVIRUS SUPPORT

Since the Coronavirus Pandemic hit the UK last February 2020, there has been a never ending set of rules, regulations and restrictions. It can be hard to keep up with the latest financial and business news, and we have supported all of our clients through what can be deemed as the hardest times of their lives. For the latest Covid-19 financial news see here.