VAT
All VAT-registered businesses must charge VAT on their goods or services and may reclaim any VAT they have paid on business-related goods or services.
If you are a VAT-registered business you must report to HMRC the amount of VAT you have charged and the amount of VAT you have paid. This is done through your VAT Return which is usually due every three months.
Our VAT Services
We offer fully managed and outsourced VAT services, including:
- Advice on whether your business needs to be VAT-registered
- Preparation and online filing of your VAT returns
- Planning and structuring VAT transactions
- Health checks to ensure VAT compliance
- Customs duties
- VAT advice with regards to specific sectors
- Assistance with partial exemption calculations and annual adjustments
We can provide a fixed fee quote, which is based on your unique requirements. Please call us on 023 9248 4356 if you need advice.
Making Tax Digital for VAT
The expansion of HMRC's Making Tax Digital for VAT came into force in 1 April 2022 and requires VAT-registered businesses to:
- keep digital records
- use HMRC-compatible software to file VAT returns
- to ensure there are 'digital links' between systems is more than one is used
You can read more about the new regulations on our Making Tax Digital for VAT page,
New HMRC Points-based VAT Penalty System
For VAT accounting periods starting on or after 1 January 2023, tax taxpayers who file their VAT returns late will receive penalty points. The new regime replaces the VAT default surcharge system applying previously.
A penalty will be charged once the penalty point threshold is reach. The threshold depends on the frequency with which returns are filed. For quarterly returns, the penalty threshold is set at 4 penalty points. When the threshold is reached, a £200 penalty will be applied with a further £200 penalty for each subsequent late submission whilst at the threshold.
Details of how the penalty points system works can be found here
.