VAT Return

VAT Return

If your turnover requires you to complete VAT Return, we can do that on your behalf for a small fee.
Should the VAT taxable supplies exceed £82,000 (in the fiscal 2015/2016), you are required to register, and submit VAT Return every quarter. We send our regular reminders to ensure that our clients are never late with their returns.

We can help you with the following compliance:

  1. Value Added Tax registration
  2. Value Added Tax return preparation and submission
  3. Preparation and submission of Intrastat and EC Sales lists
  4. Value Added Tax grouping
  5. Claims for overseas Value Added Tax

To obtain a non obligation quote, simply fill in your contact details and a member of our team will contact you to discuss your needs.

When you must register:

  • If your annual taxable supplies exceed £82,000 (2015/2016 fiscal year)
  • Should your business exceed the threshold, you must register within 30 days. Exceptions are possible if you exceed the threshold temporarily. Alternatively, if you trading do not reach the threshold, you can register voluntarily. If that is the case you will be able to claim back the tax related to your purchases, however you must complete regular returns.
  • If you receive goods in the UK from the EU worth more than £82,000

What you must do when charging Value Added Tax

  • Raise invoices with VAT information
  • Charge the correct VAT rate
  • Complete VAT Return

There are three different rates:

Standard rate – You should charge standard rate unless goods or services are classified as zero-rated, or reduced.

Reduced rate – this rate could be charged on particular items (usually 5%), but it also depends on the circumstance of the sale. For more information on reduced VAT, please contact our team.

Zero rate – goods are still on which Value Added Tax is charged, the rate is 0%. Zero-rated transactions are reported on VAT Return.

Below are listed different schemes available:

  • Annual Accounting Scheme
  • Cash Accounting Scheme
  • Flat Rate Scheme
  • Schemes for retailers
  • Margin schemes for second-hand goods, art, antiques, collectibles
  • Tour Operators’ Margin

Should you require additional information, please get in touch, and Greenway Accountancy will provide you with information pack.