Duck Consulting can work with you to ensure you are fully VAT compliant. If you would like to discuss your VAT obligations or if you need to file a VAT return, contact us today.
Who is required to file a VAT return?
All VAT registered businesses must complete a VAT return even if they have no VAT to pay or reclaim. A VAT return is a form you must fill in to inform HMRC how much VAT you’ve charged and how much you’ve paid to other businesses. Your business must be VAT registered if your VAT taxable turnover has exceeded £85,000 over the past 12 months.
You usually need to send a VAT Return to HMRC every 3 months. If you’re registered for VAT, you must submit a VAT Return even if you have no VAT to pay or reclaim.
What is Making Tax Digital (MTD) for VAT and how does this impact me?
MTD for VAT was the first major phase in the government’s initiative to make tax digital. MTD was designed to make it easier for businesses to keep on top of their day-to-day accounting. The legislation was intended to make tax administration more effective, efficient and easier for taxpayers by integrating digital record-keeping and enabling businesses to generate and send updates directly from their MTD compliant accounting software to HMRC.
MTD for VAT now requires all VAT registered businesses (subject to the odd exception) to keep their VAT records digitally and use MTD compatible software to submit their VAT returns. It is no longer possible to submit VAT returns through the HMRC portal or in the post. Failure to comply with the MTD rules means businesses could be hit with unwanted fines so it is important that businesses get it right.
How can Duck Consulting help me with my VAT compliance obligations?
We can work with you to ensure you are fully VAT compliant. We can ensure you avoid any penalties and interest for non-compliance and prevent you from attracting any unnecessary scrutiny from HMRC for repeated VAT obligation failings.
Duck Consulting can help you identify the relevant VAT scheme for your business and manage your registration with HMRC. We can manage your MTD records and prepare and submit the required returns with HMRC in advance of each deadline.
If you would like more detail on your VAT obligations, then contact us today.
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