VAT Returns
& Compliance
We provide comprehensive VAT return services to ensure your business meets all HMRC obligations efficiently and accurately, while maximizing legitimate tax claims and minimizing your administrative burden.
100%
MTD Compliant
4x
Quarterly Returns
20%
Standard VAT Rate
VAT Return
Making Tax Digital (MTD)
HM Revenue & Customs
Value Added Tax Return
Business Details
Business Name
Smith Enterprises Ltd
VAT Registration No.
GB 123 4567 89
Period
01 Jan 2024 - 31 Mar 2024
Due Date
07 May 2024
Filing Method
This return has been submitted digitally through Making Tax Digital (MTD) compatible software in compliance with HMRC requirements.
MTD Ready
Comprehensive VAT Return Services
We offer comprehensive VAT services for businesses needing accounting, bookkeeping, and business consulting in London. Our services include consultations on VAT-related issues and assistance with preparing and submitting VAT returns accurately and on time. This ensures compliance with UK tax laws and prevents potential penalties.
Additionally, we provide ongoing support for VAT compliance, including preparing and submitting VAT returns and offering VAT planning advice. Our team stays current with VAT legislation changes, helping businesses optimise their VAT management and reduce administrative burdens.
Our expert team in London specialises in offering professional advice on a range of VAT-related issues. We can assist you with determining your VAT reporting requirements, guiding you through the return process, and advising on whether accruals or cash accounting basis is the optimal choice for your business.
- Accurate and timely VAT return preparation and filing
- Making Tax Digital (MTD) compliant systems and processes
- Maximizing legitimate input VAT claims to optimize your tax position
- Expert handling of HMRC queries and inspections
Key Benefits of Our VAT Return Services
Discover how our professional VAT return services can save you time, money, and stress while ensuring full compliance.
Quarterly VAT Return Preparation
Our expert team prepares and submits your VAT returns with meticulous attention to detail, ensuring all transactions are accurately reported and maximizing legitimate input tax claims.
Making Tax Digital (MTD) Compliance
We ensure your business is fully compliant with HMRC's Making Tax Digital requirements for VAT, implementing digital record-keeping and compatible software solutions.
VAT Planning & Optimization
We provide strategic VAT planning advice to optimize your tax position, improve cash flow, and identify opportunities to legitimately minimize VAT liabilities.
HMRC Correspondence & Support
We handle all communications with HMRC regarding your VAT affairs, including responding to queries, managing inspections, and resolving any discrepancies that may arise.
Understanding VAT Returns
VAT returns are a critical part of business tax compliance in the UK:
What VAT Returns Include
- • Total value of sales and purchases (excluding VAT)
- • VAT you've charged on sales (output tax)
- • VAT you can reclaim on purchases (input tax)
- • Balance of VAT due to HMRC or refundable to you
- • Total value of EU sales (for relevant businesses)
- • Details of any adjustments or corrections
Filing Requirements
- • Must be submitted electronically via MTD-compatible software
- • Typically filed quarterly (every 3 months)
- • Due one month and seven days after the period end
- • Digital records must be maintained
- • Payment must be made electronically by the same deadline
- • Penalties apply for late filing or payment
In London, Croydon, Bromley, and Birmingham, we are well-versed in managing VAT return calculations accurately. We also provide professional bookkeeping services to ensure timely and precise completion of your VAT returns.
With Making Tax Digital (MTD) now mandatory for all VAT-registered businesses, our service ensures you meet all digital requirements while optimizing your VAT position. Contact us for a free VAT review.
Our VAT Returns Process
A streamlined approach that makes VAT return filing simple, efficient, and stress-free.
Data Collection
We gather all necessary financial information for the VAT period, including sales, purchases, and any special transactions.
Review & Calculation
We meticulously review your transactions, identify all legitimate input VAT claims, and accurately calculate your VAT position.
Digital Submission
We prepare and submit your VAT return through MTD-compliant software, ensuring all HMRC requirements are met accurately and on time.
Ongoing Support
We provide payment reminders, handle any HMRC queries, and offer continuous advice to optimize your VAT position for future periods.
Why Choose Us for VAT Returns?
Our expert VAT return service offers numerous advantages that help you save time, reduce stress, and ensure full compliance:
MTD Compliance Expertise
With Making Tax Digital (MTD) for VAT now mandated for all VAT-registered businesses, our team ensures full compliance with digital record-keeping and filing requirements, implementing appropriate software solutions.
Maximized VAT Recovery
Our detailed review process identifies all legitimate input VAT you can reclaim, ensuring you don't overpay VAT to HMRC. This thorough approach can lead to significant cost savings for your business.
Error-Free Submissions
Our meticulous approach ensures your VAT returns are free from errors that could trigger HMRC inquiries or lead to penalties. We verify all figures thoroughly before submission, giving you peace of mind.
Time & Resource Savings
By outsourcing your VAT returns to us, you free up valuable time and resources to focus on running and growing your business, while having confidence that your VAT affairs are being handled professionally.
Regional Expertise
In London, Croydon, Bromley, and Birmingham, we are well-versed in managing VAT return calculations accurately. We also provide professional bookkeeping services to ensure timely and precise completion of your VAT returns.
Key VAT Return Information
Filing Deadlines
VAT returns must be submitted within one month and seven days after the end of your VAT period. For example, for a period ending March 31st, the deadline would be May 7th. Our team ensures all returns are filed well ahead of deadlines.
Making Tax Digital (MTD)
All VAT-registered businesses must now use MTD-compatible software to keep digital records and submit VAT returns. Our service includes ensuring your business meets these requirements without disruption to your operations.
Special VAT Schemes
Several special VAT schemes might benefit your business, including the Flat Rate Scheme, Cash Accounting Scheme, and Annual Accounting Scheme. Our experts advise on the most suitable option for your business type and size.
Record Keeping
You must keep VAT records for at least 6 years. These include all sales and purchase invoices, VAT calculations, and copies of VAT returns. Our digital record-keeping systems help ensure you maintain compliant, easily accessible records.
Common VAT Return Penalties
Late filing: Penalties under the new points-based system, with potential surcharges after repeated late submissions.
Late payment: Penalties ranging from 2% to 15% of the VAT due, depending on how late the payment is, plus interest charges.
Errors: Penalties for careless or deliberate errors on VAT returns can reach up to 100% of the VAT understated or overclaimed.
Our professional VAT return service helps you avoid these costly penalties by ensuring accurate, timely submissions and maintaining proper records.
Ready to Transform Your Financial Strategy?
Our expert team provides tailored financial guidance to help your business thrive. Book a consultation today and experience the Golden Tree difference.
Nikita Vorontsov
Vorontsov Consulting Services LTD
"Partnering with Golden Tree Consulting has been one of the best decisions for us. Their financial strategies have significantly reduced our expenses and their exceptional communication keeps us well-informed."
Frequently Asked Questions
Common questions about VAT returns and Making Tax Digital.
How often do I need to submit VAT returns?
VAT returns are typically submitted quarterly, covering three-month accounting periods. However, depending on your chosen scheme, you may have different filing frequencies. For example, under the Annual Accounting Scheme, you'll submit one return per year while making regular payments. All VAT-registered businesses must now comply with Making Tax Digital (MTD) regulations, requiring digital record-keeping and electronic submission of VAT returns. Our team manages the entire process, ensuring timely and accurate submissions.
What is Making Tax Digital (MTD) for VAT?
Making Tax Digital (MTD) for VAT is an HMRC initiative requiring VAT-registered businesses to keep digital records and submit VAT returns using MTD-compatible software. The aims are to reduce errors and make tax administration more efficient. All VAT-registered businesses, regardless of turnover, must now follow MTD rules. This means you need appropriate software that can connect to HMRC's systems. Our service includes ensuring you're fully MTD-compliant, from implementing suitable software to handling the digital submission process.
What information is needed for a VAT return?
A VAT return requires specific information for the relevant accounting period: 1) Total sales and purchases, 2) VAT charged on sales (output tax), 3) VAT reclaimed on purchases (input tax), 4) The resulting VAT due to HMRC or refund claimed, 5) Details of any adjustments or special transactions. Our team collects and organizes all necessary information, checks for accuracy and completeness, identifies all legitimate input tax to reclaim, and ensures the return is submitted correctly and on time.
What happens if I submit a late VAT return or payment?
Late VAT returns or payments can result in significant penalties. HMRC's default surcharge system penalizes businesses based on previous compliance history and the amount of VAT due. First-time offenders typically receive a warning, but subsequent late submissions or payments could incur penalties of 2% to 15% of the VAT due. Additionally, interest may be charged on late payments. Our service ensures your VAT returns are submitted punctually and includes reminders about payment deadlines to help you avoid these costly penalties.
