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VAT Return in UK

If you are running a business in the UK, you may need to file a VAT return to HMRC every quarter. A VAT return is a document that shows how much VAT you have charged on your sales and how much VAT you have paid on your purchases. VAT stands for value added tax, which is a type of consumption tax that is added to the price of goods and services. The standard rate of VAT in the UK is 20%, but some items are exempt or have a reduced rate. The difference between the VAT you charge and the VAT you pay is either the amount you owe to HMRC or the amount you can claim back from HMRC. At Account Ease, we offer professional and affordable Vat Return Services for all types of businesses, including sole traders, limited companies, freelancers and startups.

How to calculate VAT return

To calculate your VAT return, you need to follow these steps:

1) Add up all your sales that are subject to VAT in the quarter. This is called your VAT taxable turnover.

2)Multiply your VAT taxable turnover by the relevant VAT rate (20%, 5% or 0%) to get the amount of VAT you have charged on your sales. This is called your output tax.

3)Sum up all your purchases that are subject to VAT in the quarter. This is called your input tax.

4)Subtract your input tax from your output tax to get the amount of VAT you owe or can reclaim. This is called your net VAT.

There are some specific considerations that may affect your VAT return calculation, such as:

Account-Ease is a comprehensive accounting solution designed specifically for sole traders. We have best and qualified Sole trader accountants. Here’s why it’s the best choice for your sole trader accounting needs:

Cash accounting scheme

If you use the cash accounting scheme, you only account for VAT when you receive or make payments, not when you issue or receive invoices.

Payroll Services In UK

Flat rate scheme

If you use the flat rate scheme, you pay a fixed percentage of your turnover as VAT, regardless of how much input tax you have paid.

Annual accounting schem

If you use the annual accounting scheme, you make advance payments of VAT based on your estimated turnover, and file one VAT return at the end of the year

R&D Tax Credits

supplies

If you make supplies to other EU countries, you may need to complete an EC sales list and an intrastate declaration.

Who needs to file VAT return

You need to file a VAT return if you are registered for VAT in the UK. You must register for VAT if:

You can also register for VAT voluntarily if your turnover is below the threshold, but you want to claim back the input tax you pay on your purchases

Why Account Ease is the best choice for VAT return

At Account Ease, we offer professional and affordable Vat Return Services for all types of businesses, including sole traders, limited companies, freelancers and startups. We can help you with:

We have the expertise and experience to handle all your Vat Return Services needs, so you can focus on growing your business. We are qualified and regulated by the Association of Chartered Certified Accountants (ACCA), which means we adhere to high standards of ethics and professionalism. We are friendly and approachable, which means we listen to your needs and concerns and communicate with you clearly and regularly. We are flexible and responsive, which means we adapt to your changing circumstances and deliver our services on time. We are proactive and innovative, which means we keep up with the latest developments in Vat Return Services legislation and offer you the best advice possible. We are transparent and fair, which means we charge reasonable fees without any hidden costs or surprises.

 

VAT Returns – Starting at £15 per month

Contact us today to find out how we can help you with your Vat Return Services.

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