VAT Returns and Registration

VAT Returns and registration

Do you currently complete VAT Returns?

Is your turnover more than £81,000 per year?

Are you looking to get VAT Registered?

Find a package that best suits your needs.  Your VAT return will be completed as part of our Silver or Gold packages, starting at just £47.50 per month or as a standalone service. We tailor our packages to suit you.

We will register you for VAT FREE OF CHARGE if you take up one of our superb packages.

By using U-Tax as your agent and adviser we can do all of this on your behalf. Combine this with other Accountancy products for an all inclusive service that starts at just £47.50 per month. This includes your Annual Accounts completed and submitted as well as looking after your Payroll requirements.

By using U-Tax as your agent and adviser we can do all of this on your behalf. Our VAT Returns service is typically £75.00 per quarter. However you can combine this with other Accountancy products for an all inclusive service that starts at just £47.50 per month. This includes your Annual Accounts completed and submitted as well as looking after your Payroll requirements.

This represents Market Leading value from a brand you can trust. We take one small payment each month and we will take care of your Accountancy needs, plus you get access to an Accountant and the benefit of your own Key Account Handler.

Our VAT Returns service includes:

  • Full completion of your quarterly VAT returns
  • Submitting your return to HMRC
  • Ongoing VAT advice
  • Help from one of our Accountants on all Accountancy matters

We will ensure that your returns are completed, so that you do not have to worry about them being late and you incurring fines. Why use online calculators and tryng to complete the returns yourself when you can access this service for a low, low payment.

If you aren’t sure whether you should be registered for VAT or are late in applying to HMRC, then contact our team of Accountants who will be able to provide you with comprehensive help and advice.

Did you know that?

If you are late in applying for VAT Registration or do not tell HMRC at all, then the you will be required to pay for all the VAT on your sales from the date by which you should have registered. You may also be charged a penalty in addition to this.

There is no need to be scared by this, seeking the proper advice could save you time and money. Let U-Tax look after your VAT needs and remove any worry.

Who can register for VAT:

  • A partnership
  • An individual
  • A company
  • An association
  • A club
  • A charity
  • A trust
  • Any other organisation or group of people acting together under a particular name such as an educational or health institution, exhibition or conference

Who can’t register for VAT:

You can’t register for VAT if either of these is true

  • You sell only good or services that are exempt from VAT
  • You aren’t in business according to HMRC

If you’re carrying out the business activities HMRC require, but you haven’t crossed the registration threshold, you can still aply to register for VAT voluntarily.

Example of VAT:

Kitchens R Us is a VAT registered business that makes kitchens. Kitchen Kwik buys the kitchens from Kitchens R US and installs them.

On 15th January 2014, Kitchen Kwik buys a kitchen from Kitchens R US which costs £2,000. As Kitchens R US are VAT registered, it must charge 20% VAT on top of the sale price. Therefore, they charge Kitchen Kwik £2,400. When Kitchens R US complete their next VAT Return, they will pay the £400 to HMRC.

On 20th January, Kitchen Kwik install the bathroom in Mr and Mrs Frost’s house. They charge £3,000 for the work which includes a charge for their labour as well as for the fittings. As they are also VAT registered, they need to charge 20% VAT on top of its charges making the bill for Mr and Mrs Frost £3,600.

Kitchen Kwik will need to complete a VAT return later in the year, which will include the £600 of VAT charged to Mr and Mrs Frost, but they will be able to deduct the £400 VAT paid to Kitchens R US. They will only pay £200 of the VAT collected from the Frosts to HMRC; the other £400 was paid by Kitchens R US.

Overall, neither company had to bear the cost of any VAT. It’s Mr and Mrs Frost who have had to bear the cost of VAT (£600). The companies have just collected it on behalf of HMRC.

However, it is crucial to remember that VAT is a tax on consumers which is collected by businesses on behalf of HMRC – It is not your money and the penalties for not operating VAT correctly can be severe.