VAT Return Service
Do you dread the end of the quarterly VAT period, struggling through piles of receipts and sales invoices?
Acrobat Services can help make your life easier. We can complete your Quarterly VAT return; provide you with a breakdown of the VAT on all your reclaimable expenditure and your Sales Tax.
We can also assist you with your online submission. Work with you to remind you when your VAT quarter is due. We will advise the payment amount and deadline. All you have to do is provide your Sales invoices and purchase invoices/receipts for the period.
VAT Accounting Schemes
There are a number of schemes available when registering for VAT, the standard rate being the favoured, but there are others available which aim to make the process simpler, however the business would need to meet the qualifying criteria. Below highlights some of those available:-
All VAT registered companies will charge VAT (output tax) on all of their qualifying sales, and reclaim any VAT they have been charged (input tax) on their expenditure.
All sales and purchases must be recorded, for both output and input tax. Input tax is offset against the output for the VAT period with the difference being the amount owed (or reclaimed).
Flat Rate Scheme
Companies registered for the Flat Rate Scheme will charge VAT on all qualifying sales at the normal rate of VAT for which the goods or service qualify.
VAT due to HMRC is calculated at a flat rate as defined by the category of business; current percentages range from 4 to 14.5%.
There is no offsetting of input tax, making accounting simplified.
If you use standard VAT accounting, you have to pay HMRC the VAT you have charged on your sales whether or not your customer has paid you. If you use cash accounting, you only pay VAT when your customer pays you. However, you can only reclaim VAT once you’ve paid your suppliers.
Current VAT Threshold
The current threshold for registering for VAT is £81,000 this is subject to change. If a company has a turnover in the previous year of £81,000 or more they must register for VAT.
However some companies can choose to register voluntarily even if their turnover will be under the threshold.
For information on these and other VAT options can be found on the HMRC website.
Acrobat Services – Northampton – Bookkeeping – Office Assistance – Payroll – VAT Returns
Tel: 01604 926077 Email: firstname.lastname@example.org