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VAT Returns Accountants

If you are a UK-based business, you may be required to submit a VAT return once every 3 months. This can quickly become a time-consuming and complicated task, especially with so many VAT accounting schemes out there.

But why get bogged down with one financial task after the other when the team here at Lumbview Accounts can handle all your VAT returns for you!

Take a look below to see exactly why you need to submit a VAT return and how we can help you get it done in no time at all!

Why You Need VAT Return Services

If you are a business operating in the UK, you may be entitled to money back on your VAT payments made throughout the year. Businesses or companies that have paid more than they need to can claim a VAT refund – which could bolster your funding by a heft amount.

If you are entitled to claim more VAT than the amount you owe, you may end up saving your business a lot of money in the long run. By completing a VAT return quarterly, you can help maintain your businesses finances and avoid surprise bills.

Let Us Take Care of Your VAT Returns

Handling VAT returns can become tiresome and fairly complicated if you don’t know exactly what you need to do. But why waste your own precious time when you can hire a service to submit your VAT return for you.

Not only do we know how to get it done both quickly and accurately, but it will also free up your schedule. This means you can work on more important tasks within your business, saving you both time and money!

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We Assist VAT Registered Businesses

Legally, all businesses in the UK must register for VAT as most purchases will include a Value Added Tax. Here at Lumbview Accounts, we make it our goal to assist VAT registered businesses across the UK, offering an effective way to manage your businesses VAT returns.

We will compare the amount of VAT you owe to the amount you may be able to reclaim from HMRC to ensure you aren’t paying more than you need to be. You may even find that you have paid more than you need to, which can lead to a pretty impressive refund.

Spending time to work out exactly how much VAT you owe and how much you can reclaim can quickly become tiresome work. Get in touch with us and let our specialist team of financial experts submit your VAT return for you!

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VAT Accounting Scheme – Let’s Make It Work For You

Tax return

Flat Rate Accounting Scheme

One way of paying your VAT is through a flat rate accounting scheme. This is where you agree to pay a determined percentage of your business annual turnover to HMRC. Any difference between the VAT figure you pay HMRC and the amount of VAT your customers pay you can be reclaimed.

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Cash Accounting Scheme

An alternative account scheme when it comes to VAT collected and VAT reclaimed is a cash accounting scheme. This is scheme will offer your business the means to manage your output tax based entirely on the sales you receive.

This differs from most accounting schemes as you don’t need to base your VAT payments on your company’s tax invoices. However, you may only claim a VAT return once your supplier has been paid.

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Annual VAT Accounting Scheme

A great help to smaller businesses is the Annual VAT Accounting Scheme. Unlike your typical VAT accounting scheme, this will allow you to submit a VAT return once a year instead of once every 3 months.

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Retail Accounting Scheme

Keeping track of VAT owed on each sale can quickly become confusing, especially if you make many sales. A retail accounting scheme essentially allows you to calculate the collective VAT on all sales when you complete a VAT return.

What Your Business Needs For Your VAT Returns

When filing your VAT returns, you will want to ensure you have everything you need to hand. Some of the most important details you will need to submit an accurate VAT return are:

  • The overall amount of VAT that your business owes
  • The overall amount of VAT that your business can reclaim
  • The combined total of all your business purchases and sales

By providing these details to our highly experienced and dedicated team, we can ensure your business gets the VAT return it is entitled to.

Contact a Lumbview VAT Return Accountant

Whether you need help for your next VAT return or you just need accountant advice, our Manchester-based service is here to assist you.

Give us a call on 0161 793 9737, or send us a message using the contact form found on our site!

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Frequently asked questions

VAT Return Service FAQs

How Can I Calculate My VAT Return?

To figure out your VAT return, you will need to determine exactly how much VAT you owe and how much you can reclaim from HM revenue and customs.

This is done by adding up all your business sales and exempt sales, including VAT, and multiplying that number by your flat rate percentage.

Do I Need To Submit VAT Returns?

Most businesses in the UK will need to submit VAT returns at least once every 3 months (quarterly). This is so HMRC can check that you have paid the right amount of VAT.

If you have paid more than your business needs to, then you may get a substantial refund!

When Is The VAT Period?

When submitting a VAT return, there is a set period that the required data will relate to, known as the VAT period. In the UK this period is between the 1st January and the 31st March.

If you submit your VAT return online, be sure to regularly check your ‘Tax Digital’ or HMRC VAT online account to track any VAT payment you make.

How Many Times A Year Do I Need To Submit A VAT Return?

Ideally, you will want to submit a VAT return at least once every 3 months. However, you are only required to file a VAT return once a year, 2 months after the end of your businesses accounting period, if you operate within the UK.