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Value Added Tax (VAT) Returns
Value Added Tax or VAT, is a tax that applies to most UK business transactions involving the sale of goods or services. It is vital to keep accurate records once you are registered for VAT.
In simple terms a business will pay VAT on its purchases (input tax) and charge VAT on its sales (output tax). For businesses that receive more output tax on sales than purchases, you will pay HM Customs and Excise the difference.
If the business pays more input tax then receives output tax, then you will be in a position to reclaim VAT. Both are as a result of completing a VAT Return, which is compulsory once registered for VAT.
One of the major advantages to being registered for VAT as a small business is the increased credibility for your business.
We can help you complete your VAT returns on time and can make sure that you claim VAT when it is due from HMRC. |
