Pact Accountancy

Once registered, you must pay the quarterly income to HMRC, deducting the excise tax amount of the input tax and other tax information. All businesses require to file their returns online. Returns must complete within one month of expiration to cover, although seven calendar days are allowed in addition to the online form. Electronic payment is also mandatory for all businesses.

Businesses that supply zero-rated supplies and reimburse VAT may find it profitable to submit a monthly return. Businesses with an annual taxable supply of more than £1,350,000 can apply to join the annual accounting scheme, under which they pay VAT on a monthly or quarterly basis, but must complete VAT returns only at the end of the year.