Pact Accountancy

Estimating sales and purchases on the VAT return, VAT payable or reclaim and VAT refund from HMRC. It must submit to HMRC – whether you have VAT to pay or not, you still need to do so. The amount payable to HMRC can be calculated as a VAT amount, deducted from the amount of VAT purchased on sales. Meanwhile, VAT is not always claimed on purchases for entertainment or non-commercial use by customers.

You are responsible for your Company’s VAT returns, which occurs every three months as a limited company owner operating in the UK. Once you have registered, you must use a VAT refund to indicate how much VAT will charge on your sale, which will reduce the amount on your purchase. The resulting balance will send to HMRC, or you will have to claim a negative amount. If your business exceeds the VAT limit specified by HMRC, you will need to register your business for VAT. You must prepare and submit monthly, or quarterly VAT returns to HMRC  if your business registers for VAT. Delay in timely submission of VAT return may result in a delay in filing penalty and interest for you.

Under current law, you are preparing VAT returns, calculating them correctly in your books and submitting that revenue to HM Revenue and Customs on time is a painful task for any business. With frequent HMRC requirements changes, this complex tax regime often leads companies with higher or lower-paid VAT. A professional HMRC calls for a VAT return service to fulfil demands and deadlines and ensure that you charge only the amount you owe or have to pay. At Pact Accountancy, we can help you manage your VAT revenue and make sure you follow the rules. Also, there are severe penalties for VAT revenue errors, hence the need to take the services of an expert VAT return. We will also resolve HMRC disputes on your behalf.