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Completing Your Company Vat Return In The Uk
Most businesses in the UK will know well the task of filling out a VAT return; it’s something that needs to be done each quarter for all VAT registered businesses. For any new entrepreneur or business start-up just completing the company registration process, this article will be a good introduction, explaining what you need to know when preparing your VAT return, and how to ensure you stay on top of this important task throughout the year.
Your VAT returns will have to be filled and completely at the end of every VAT period, which you will need to do quarterly throughout the year. To ensure that this task becomes as easy as possible, make sure you hold on to all the relevant information which will make completing the form as easy as possible. This means storing and filing all financial information that’s related to your company, and keeping these records as organised as possible.
When completing your returns you will be providing HM Revenue and Customs with a range of financial business information which includes how much VAT you’ve ...
... charged your customers, how much VAT you are entitled to claim back, the amount of VAT you as a company must pay to HMRC, the total amount of sales and purchases you have made and finally the value of goods or services sold to customers or ordered from suppliers in other European Union countries.
Most businesses will need to submit their VAT return online already, but a number are still allowed to file paper returns. However, from April 2012 there will only be one way to process this information and that is the easier and more popular way of filling in your returns online, which many people find far more convenient, dependable, safe and easier than paper forms anyway. If you are using the online service for the first time then there is an enrolment process which will guide you through what you need know, and a list of other VAT related things you can process online. If you have an accountant, they will normally register your business under their own registration, making things easier all round.
If you are sending your form by post or electronically, then you need to make sure that it arrives at the VAT Central Unit by the date shown on either the paper or the electronic form, so completing and sending it early will avoid any unnecessary problems.
The general requirements will be affected by being in one of the special VAT schemes. This many include the VAT flat rate scheme or annual accounting scheme.
You may also be liable to pay a surcharge (fine) if the return is late or the information provided is inaccurate. If you feel that you are unable to provide an accurate return by the deadline date and need further help, then you should contact Wisteria Formations, who can advise you on the best course of action to take.
Wisteria chartered accountants offer a range of business and financial services which include company registration, enabling you to form your new company online.
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