How much VAT do I owe?
Do you know what you can and cannot claim VAT on?
Do you know the difference between Zero Rated and Exempt?
Different VAT accounting schemes have different thresholds. Do you know yours?
VAT Return deadline looming and a pile of paperwork to sort through. How many times have you been caught out?
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A company usually submits a VAT Return every 3 months. This is known as your accounting period. Businesses can usually reclaim the VAT they have paid on purchases/expenses. However, you should exclude any personal element from your Return it should only be for business activity only.
It is vital to check, process and submit your Return as per the agreed dates with H.M.R.C. Otherwise late filing and/or payment can lead to penalties and notices from H.M.R.C. For this reason, to ensure your Return is paid on time I would recommend you set up a direct debit. Provided, of course, you have the funds in your bank account to cover it. Another thing to be aware of is Revenue and Customs can request to carry out a VAT Inspection at any time. It is therefore extremely important to keep good accurate records of your accounts.
Finally, it is important for you submit a Return even if there is no VAT to pay or reclaim.
This should be done online via the HMRC website.