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    VAT Returns


    Are you entitled to a VAT refund?

    Do you do your bookkeeping online, and are you confident that your VAT returns are right?

    Do you know when you can claim VAT and when you can’t? Online VAT returns aren’t always as straightforward as you think. If you are unsure whether you can claim VAT on meals, train fares or utility bills, then it would be better to use an experienced bookkeeper to ensure you are claiming all you can. 

    Are you a Limited Company that is registered for VAT?

    When a limited company reaches a turnover of £85,000 they need to register for VAT and submit a VAT return every quarter. Although you can submit your own VAT return, it is not a simple as you may think. There are many VAT rules, with some services being VAT exempt and others having a reduced VAT rate of zero of 5%.

    There are also three different VAT schemes, and while one might look right for your business, it is essential to make sure you maintain a good cash flow.

    The three schemes are: 

    At HM Bookkeeping, we provide a friendly and professional service to small and medium-sized businesses, sole traders, limited companies and partnerships. We can manage your VAT returns for you and ensure you are up-to-date and that you have chosen the right scheme for your business.

    Here is a quick overview of the VAT schemes.

    Standard VAT Accounting

    Flat Rate VAT Scheme

    The Flat Rate is a way of paying VAT with a fixed percentage of your turnover. You charge VAT to your customers and pay VAT to your suppliers in the normal way.

    When you prepare your VAT return, instead of adding up all the VAT you charge and taking away the VAT you can reclaim, you add up all your sales (including VAT) and pay a percentage of those sales to HMRC. The percentage you pay depends on what your businesses trade is.

    Cash Accounting Scheme

    This scheme is more advantageous for businesses that pay VAT only when clients have paid for goods and services. However, VAT cannot be claimed for goods if they have not been paid for. 

    The returns are completed quarterly online and have to show output and input tax.

    If all of this seems complicated, we can talk you through the process, ensure you are on the right scheme for your business and that you will never miss a tax return.

    Why not call us now on 01273 514060 to discuss your VAT returns and learn how we can help? Alternatively, fill in our contact form and we will get back to you.

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    Contact us to find out how much we can save your business

    Would you like our friendly, professional team to manage your payroll requirements? We can take care of your payslips, reports to BACS and P60s, giving you more time to run your business.

    For a reliable, efficient and personal service please contact us and we can discuss this personally with you by phone or via zoom/team meetings.