Value-added tax (VAT) must be paid by a limited company when their business reaches the threshold of £85,000 in turnover. VAT can be difficult to navigate and some businesses are taken by surprise when they end up owing money from the VAT they’ve charged. Working with an accountant who understands VAT inside out will put you at ease, ensuring that you know what you owe, and when you owe it.
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VAT returns – working out what you owe
VAT returns are used to calculate the amount of VAT a business has charged, and the amount it has paid. They are usually completed every three months, and there are two possible outcomes:
- You owe money to HMRC. If you’ve charged more VAT than you’ve paid, the difference must be paid to HMRC.
- You can reclaim VAT. If you’ve paid more VAT than you’ve charged to customers, you can claim back the difference.
Taking the stress out of VAT returns
Completing a VAT return can be complicated, and completing a VAT return every three months can be a drain on company resources. Many businesses choose to work with an accountant to complete their VAT returns for them. We work on VAT returns for many businesses and will be happy to help you, calculating what you owe and keeping you in the loop so there are never any surprises.
We use technology that makes it simple for you to send VAT information to us digitally. If you prefer, you can give us your paperwork and we’ll complete your VAT returns from this. We work in the way that suits you.