VAT Returns
What is a VAT Return?
A VAT (value added tax) return is a key document that sets out how much VAT should be paid to HMRC. It should include;
- Total amount of sales made (without VAT) and the VAT charged on these sales
- Details of your purchases (without VAT) and the VAT that you have paid on these purchases, and can therefore reclaim
- A summary of trade with EU countries (if applicable), UK companies can claim VAT from imports from the European Union
Who Needs to Complete a VAT Return?
If your annual turnover is over the VAT threshold of £85,000, you must register and charge your customers VAT, and fill out a VAT return.
VAT returns must be completed 4 times a year and submitted online to HMRC.
VAT Inspection
How often HMRC knock on your door will depend largely on your past history of errors and the size and complexity of your business.
Using Xeinadin’s VAT accounting service is a great way to cut the risk of a VAT inspection. Of course, if you’ve been working with one of our VAT Accounting Team and they send you a notification of a visit – relax! Everything will be in order. You can rely on us.
- Planning between spouses
- Maximising use of reliefs such as nil rate band, gifts, business property relief
- Valuation of company shares
- Use of trusts
- Review the terms of your will
