How do I complete my VAT Return?
Businesses operating in the UK are liable for filing VAT returns for the VAT registered companies. This VAT is submitted to Her Majesty’s Revenue and Customs (HMRC). This VAT return must be completed before the end of the accounting year. VAT is a little complicated here that needs to be handled by an expert UK VAT returns consultant. Many VAT registered firms are finding it difficult to achieve efficiency in filing VAT returns. So, many businesses are looking for a VAT outsourcing company in UK that can handle it efficiently. Let’s look at the VAT return in the UK in more detail.
What things need to be aware of for VAT returns?
Some of the important aspects, you need to be aware of while filing VAT returns in the UK are:
– It is not possible to claim all the VAT returns.
– Different rates can be charged for the VAT returns.
– If the VAT return is incorrect then there can be severe penalties.
– Some specialist VAT schemes are cash accounting scheme, flat rate scheme, annual accounting scheme, retail schemes.
When to complete the VAT return?
The VAT returns process must be completed before the end of the accounting year. Here, you must create a VAT online account and submit all the required details while filing the VAT return.
How to complete the VAT return?
There are different box to be considered while completing the VAT returns process. UK VAT returns advisors can guide you better on filing the VAT returns.
Here is the some detailed information about the box:
– Box 1
VAT remaining in the outputs and sales
– Box 2
VAT due between the periods of acquisition from the other members from the European community.
– Box 3
This will include the total of the box1 and box 2 addition.
– Box 4
Reclaimed VAT between the period of purchase and other inputs. It must be done with support for all the receipts and invoices to the purchase.
– Box 5
Net VAT to be paid to the HMRC. This will basically be the difference between Box 3 and Box 4.
– Box 6
Total sales and the output that excludes the VAT applicable.
– Box 7
Total value of purchases that excludes the VAT amount.
– Box 8
Total value of suppliers’ goods and other related costs. It excludes the VAT to other EC members.
– Box 9
Total value of the goods acquisitions and other related costs. It will exclude all the VAT to other members of EC.
How to claim for UK VAT refund?
The VAT repayments are refunded automatically by the authorities to the proper UK bank account. VAT refund would take around 10 to 15 days for getting the proper refund. Earlier, a UK bank account was necessary for getting the refund. However, now you can also get a refund in the overseas bank with the cheque of the company name.
Understanding the different boxes and dealing with VAT is a little tedious task. So, a qualified UK VAT returns consultant is important to deal with it. Many businesses are looking for a VAT outsourcing company in UK to file the VAT returns.
Meru Accounting is a VAT outsourcing company in the UK where you can file VAT returns. They are handling the tax returns for many firms in the UK. They have qualified UK VAT returns advisors who can properly handle the task. Meru Accounting is a well-known accounting service providing agency around the globe.
